Solvency II will be subject to a number of European Commission reviews in its first years, providing opportunities for industry to seek changes to provisions that do not work properly:
- By 31 December 2017 – an assessment of the application of group supervision (Article 242).
- By 31 December 2018 – an assessment of the benefits of enhancing group supervision and capital management within a group (Article 242).
- By 31 December 2018 – a review of methods, assumptions and standard parameters used when calculating the SCR with the standard formula (Delegated Regulation Recital 150).
- By 31 December 2020 – a further assessment of the methods, assumptions and standard parameters used when calculating the SCR standard formula (Article 111).
- An annual report until 1 January 2021 – by EIOPA on the Long-term Guarantee Package.
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Our Solvency II glossary simplifies some of the key terms relating to Solvency II.