EIOPA will now deliver its advice on the Solvency II review to the European Commission at the end of December 2020. In March, EIOPA had previously extended the deadline of the information request for the holistic impact assessment of the 2020 Solvency II Review by two months to 1 June 2020. This further extension to the end of December is designed to allow for an assessment of the impact of COVID-19 on the industry.
EIOPA aims to update its advice with a collection of data with a reference date of 30 June 2020. This information will be gathered between July and mid-September 2020 and will supplement the ongoing request for information in order to update EIOPA's review to reflect the impact of COVID-19 on the sector. This additional and more focused request will be addressed to a sub-set of those already subject to the ongoing information request.
EIOPA will continue to track the evolving COVID-19 crisis and its effects on the industry and will work with all participants to guarantee a transparent process.
A link to the EIOPA article is available here.
Originally published 4 June, 2020
This article contains a general summary of developments and is not a complete or definitive statement of the law. Specific legal advice should be obtained where appropriate.