Solvency II-Review was initiated in February 2019 with Commission’s request for technical advice to EIOPA. In November 2024 European Parliament and Council have now adopted the amended Solvency II-Directive and the Insurance Recovery and Resolution Directive as well. Within 24 months after publication in the Official Journal of the European Union, member states will have to amend national law to achieve compliance with this new regulation. Entry into force could be January 2027. The Directive is a Level1 document in the hierarchy of the Solvency II framework. Commission is empowered to lay down technical details in Delegated Regulation or Technical Standards to complete the prudential framework. Existing delegated regulation, regulatory or implementing technical standards and Guidelines will need amendments as well.

A considerable number of consultation papers has already been published. More can be expected in the following months.

These and more general topics affecting the task of actuaries will be discussed as well.

This web session will deal with the following topics:

• Amendments of the SII-Directive
  
• Expected amendments of Delegated Regulation and Technical Standards
  
• Fundamental components of the IRRD

The web session might be of interest for all persons dealing directly or indirectly with the solvency regime in their daily business. As a deep actuarial knowledge is not required, participation can be beneficial for all who want to learn more about the status achieved and about the next steps required to complete the adaptation of the framework to the modified Directive.

Technical Requirements
Please check with your IT department if your firewall and computer settings support web session participation (the programme Zoom will be used for this online training). Please also make sure to join the web session with a stable internet connection.

When entering into force the whole SII framework needs to be compliant with the amended Directive. The goal of this web session is to provide an overview of the status of the SII-review and to present the outstanding regulation. Possible implications for actuaries and undertakings will be assessed.

The language of the web session will be English.

Siegbert Baldauf
Siegbert is a member of the German Actuarial Association (DAV) and a Certified Enterprise Risk Actuary (CERA). In more than 30 years, he has been performing executive functions in accounting, tariffing, economic valuation with life insurance companies of the ERGO group in Germany. For several years until his retirement in 2016, he acted as the Responsible Actuary for two life insurers of the group. Since 2013 he is chairing the SII-Working Group of the Actuarial Association of Europe (AAE).