Report on the application of Directive 2009/138/EC on the taking and pursuit of the business of insurance and reinsurance (Solvency II)

Summary:

Report presented on 27 June 2019 by the European Commission on the applicaton of the Solvency II Directive with regard to group supervision and capital management within a group of insurance or reinsurance undertakings.

Further information:

Since 1 January 2016, when it entered into application, the Solvency II Directive has provided a sound and robust prudential framework for insurance and reinsurance firms in the EU. Based on the risk profile of individual companies, it promotes comparability, transparency and competitiveness.

Title III of the Solvency II Directive concerns the supervision of insurance and reinsurance undertakings in a group. The Directive uses an innovative supervisory model, which assigns a key role to a group supervisor, while recognising and maintaining an important role for supervisors of individual insurance entities.

This report assesses the benefit of enhancing group supervision and capital management within a group of insurance or reinsurance undertakings.