Report on the exercise of the power to adopt delegated acts conferred on the Commission pursuant to Directive 2009/138/EC on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II)

The Solvency II Directive introduced a sound and robust prudential framework for insurance firms in the EU. It is based on the risk profile of each individual insurance company in order to promote comparability, transparency and competitiveness. This report is required under Article 301a(2) of the Directive.

The Commission has exercised its delegated powers in a timely and correct manner to ensure that the required Delegated Acts were in place for insurance and reinsurance undertakings and national supervisory authorities to apply the rules on the date the Solvency II Directive became fully applicable. Targeted amendments since then have ensured that the prudential framework is appropriately calibrated to allow insurers to contribute to the Capital Markets Union as long-term investors.