EAA Web Session ‚Solvency and IRRD: Changes in Supervision as of 2027‘

The current Solvency II regulation will apply for the last time to the 2026 financial year. From 30 January 2027, not only will an amended Solvency II framework enter into force, but the Insurance Recovery and Resolution Directive (IRRD) will also become applicable.

Currently the supervisory authority is responsible for the (microprudential) supervision of insurance undertakings. The new regulatory system requires the establishment of a resolution authority (IRRD) and the designation of a body or an authority with a macroprudential mandate. Furthermore, the Commission is considering the introduction of minimum harmonised Insurance Guarantee Schemes (IGS).

Against this background, knowledge of the pertinent amendments to Solvency II, the relevant provision of the IRRD and the considerations regarding IGS is a prerequisite for assessing their potential impact on undertakings.

It is important to consider the regulatory changes not in isolation, but in relation to one another. For example, the rules governing the transition of responsibility from the supervisor to the resolution authority, as well as the possible role of IGS in resolution processes require thorough analysis. Possible overlaps and interactions will therefore be identified and discussed. The inclusion of IGS in resolution processes will also be considered.

The tasks of actuaries and risk managers will be considerably affected by these changes. This web session will deal with the following topics:

Amendments to the SII framework
IRRD and related technical standards and guidelines
Potential changes related to IGS