European Solvency II law

As of 1 January 2016, European insurance and reinsurance undertakings are subject to a new EU regulatory and supervisory regime, called Solvency II. Solvency II is a harmonized prudential framework, with requirements for risk-based capital, governance and risk management, public disclosure and supervisory reporting.00The Solvency II framework consists of several levels:0? the 2009 Framework Directive, including the basic principles of Solvency II (level 1);0? the implementing measures: the 2015 Commission Delegated Regulation, which further develops the principles laid down in the Framework Directive; a series of Commission Implementing Regulations detailing implementing technical standards; and a limited number of Commission Delegated Decisions granting equivalence (level 2);0? the Guidelines, issued by the European Insurance and Occupational Pensions Authority (EIOPA), applicable on a comply or explain basis (level 3).00This book contains all Solvency II primary source material: the coordinated Solvency II Framework Directive, the coordinated implementing measures, and the EIOPA Guidelines. A coordinated version of the recently amended EIOPA Regulation has been added to make this compilation practical and complete. The coordinated Regulation on sustainability?related disclosures in the financial services sector is included as addendum as this Regulation supplements the provisions of the Solvency II Framework Directive.