Expert paper
2020 review of the Solvency II Directive
Draft amendments to delegated acts
Main impacts on Pillar 1
Key Insights into the Solvency II Directive Review
Upon its entry into force, the Solvency II Directive included two review clauses:
- in 2018 for only the delegated regulation
- in 2020 for the directive and the delegated regulation
In December 2023, the trilogue negociations between the European Parliament, Commission and Council agreed on the review of Solvency II, allowing for the adoption of Level 1 amendments (the Directive). The European Commission then published draft Level 2 amendments (delegated acts) in July 2025, providing technical details to the directive.
Once this step positioned in the overall timetable for the 2020 revision, the Addactis experts detail the major changes relating to Pillar 1, which have been definitively adopted at Level 1 and are still in draft form at Level 2.
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Solvency II Key Changes and Future Challenges
In December 2023, the Trilogue Negociations between the European Parliament, Commission and Council reached an agreement on the Solvency II Directive. The reviewed directive was then formally adopted by MEPs in April 2024 and published in the Official Journal of the European Union (OJEU) in January 2025.
The amended directive entered into force 20 days after its publication and the measures will be applicable two years later, i.e. from 1 January 2027 for the first quarter of 2027 closings. The European Commission has yet to adopt the amendments to the delegated acts. To this end, it published a draft text for consultation in July 2025.
Expert paper table of contents
0. Summary
1. Extrapolation of the risk-free rate curve
2. Volatility adjustment
3. Risk margin
4. Standard formula for calculating: Market SCR and correlations
5. Standard formula for calculating: Rate SCR
6. Standard formula for calculating: Equity SCR and symmetric adjustment
7. Other elements relating to Pillar 1
8. Technical information produced by EIOPA
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