The following Financial Services guidance note Produced in partnership with a member of a leading accounting firm provides comprehensive and up to date legal information covering:
Directive 2009/138/EC (SII Directive) was adopted by the Council of the European Union (EU) and the European Parliament in November 2009 and refers to measures which form part of a comprehensive review of the capital adequacy regime for insurance firms in the EU. Implementation of Solvency II was postponed until 1 January 2016 due to on-going legislative negotiations on Directive 2014/51/EU (Omnibus II), which would revise parts of Solvency II.Directive 2009/138/EC
Quantitative capital requirements make up the first ‘pillar’ of the three-pillar regulatory framework established under the SII Directive. Although the word ‘pillar’ does not appear in the Directive itself, it is used in both Regulation 2015/35 (SII Regulation) and the text of Guidelines developed by the European Insurance and Occupational Pensions Authority (EIOPA). ‘Pillar 1’ is part of the widely accepted taxonomy of the Solvency II framework, referring to the harmonised valuation and risk-based capital requirements that it implements.
The requirements of the Solvency II framework are set out in principle in the SII Directive and in detail in the SII Regulation; however extensive detail is also provided in the SII Directive as to some aspects of Pillar 1, and reference needs to be had to both documents. It should be noted that detail in the SII Directive is sometimes superseded by more restrictive detail in the SII Regulation. In addition, the legislative architecture includes Implementing Technical Standards, in the form of Regulations, drafted by EIOPA and issued by the European Commission. These prescribe harmonised requirements go in to further detail in a number of respects, for example where supervisory
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.