EIOPA information request points to Solvency II changes for insurers

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      <subfield code="a">EIOPA information request points to Solvency II changes for insurers</subfield>
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      <subfield code="a">The European Insurance and Occupational Pensions Authority (EIOPA) began the latest phase of its Solvency II (SII) review on 4 march, 2020 with a request for insurers to complete scenario-based returns to help EIOPA assess possible changes in the European solvency regime. The regulatory oversight body had already published a consultation paper on possible outcomes from the SII review in October 2019. However, in February 2020, it received a formal request for advice from the European Commission. EIOPA was originally scheduled to deliver its advice based on this review in June 2020, but the deadline for insurers to respond has been extended by two months as part of EIOPA´s reaction to the increasing disruption from the coronavirus (COVID-19) outbreak. The information request suggests a set of potential changes, many of which, if implemented, would enhance solvency ratios as stated under SII. However, EIOPA has also discussed changes to the discount rate used in SII. This would result in significant strengthening of reserves for life insurers. AM Best believes that, when takes together, the mix of changes could provide a pragmatic outcome for regulators</subfield>
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