Database on German and European Economic Law

 Directive 2009/138/EC

I. Description

The main purposes of the Solvency II Directive are to increase the protection of policyholders, create a level playing field for the insurance industry in the European single market and ensure substantially uniform supervisory practices throughout Europe. Generally speaking, the new Solvency II supervisory regime is divided into three pillars:

Pillar 1: Quantitative rules

The first pillar of Solvency II essentially lays down the quantitative rules. It not only contains rules governing the valuation of assets and liabilities, but also lays down capital requirements and rules relating to own funds. The aim is to ensure that undertakings have adequate capital backing at all times. Valuations must be consistent with the market, in other words consistent with the information provided by financial markets.

Pillar 2: Governance rules

The second pillar of Solvency II contains qualitative requirements applicable to the system of governance, i.e. the business organisation of undertakings. Solvency II requires undertakings to maintain, among others, the following key functions: risk management function; compliance function; actuarial function and internal audit function.

An effective risk management system must also be put in place and maintained. A key component of risk management systems are own risk and solvency assessments (ORSA), which tie risk management to capital management.

Pillar 3: Reporting and disclosure requirements

The third pillar of Solvency II essentially contains the requirements governing the undertakings' reporting of information both to the supervisory authority and to the public. A Solvency and Financial Condition Report (SFCR), to be published annually, and a Regular Supervisory Report (RSR), to be submitted to the supervisory authority at least every three years, will be required. Both reports predominantly, although not exclusively, contain qualitative information. Reporting forms containing quantitative information on undertakings will also be introduced. The existing reporting requirements are being revised in light of the new reporting regime in order to avoid double-ups.

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II. General Information

Title

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance

Abbreviations
Solvency II
Status
Existing
Directive
2009/138/EC
Source
O.J. EC No L (Legislation), Edition 335, Year 2009, p.1
Adoption
11/25/2009
Promulgation
12/17/2009
Character
Lamfalussy Framework Act
Implementation
Legal Basis
Art. 47 II, 55 EC
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text Solvency II:
Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance

  2009/138/EC

Beschluss:
11/25/2009 (A)
Verkuendung:
12/17/2009 (P)
(A) Adoption | (P) Promulgation

2. Reformvorhaben

3. Legislative History

Datum
Typ / Titel
Textfassungen
04/22/2009
Report of the European Parliament - 1st reading
T6-0251/2009
05/29/2008
Opinion of the European Economic and Social Committee
O.J. EC No. C, Ausgabe 224, Jahr 2008, p. 11
07/10/2007
Proposal
COM(2007) 361 endgültig

4. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Repeal
  Directive 2005/68/EC
Amendment
  Directive 2003/41/EC
Repeal
  Directive 2002/83/EC
Repeal
  Directive 2001/17/EC
Repeal
  Directive 2000/64/EC
Repeal
  Directive 98/78/EC
Repeal
  Directive 92/49/EEC
Repeal
  Directive 88/357/EEC
Repeal
  Directive 73/240/EEC
Repeal
  Directive 73/239/EEC
Repeal
  Directive 76/580/EEC
Repeal
  Directive 78/473/EEC
Repeal
  Directive 87/344/EEC
Repeal
  Directive 84/641/EEC
Repeal
  Directive 64/225/EEC

2. CESR Level 2

Durchführungsbestimmungen RL 2009/138/EG (Delegierte VO)
CESR/

V. Umsetzung in den Mitgliedstaaten

1. Implementation in Germany

04/01/2015 (A)

04/10/2015 (P)

(A) Adoption | (P) Promulgation

Legend

Legislative Act Status

Documents

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Reformvorhaben
3. Legislative History
4. Legal Impact
IV. Implementing / Legislative Act (Level 2)
1. Implementation
2. CESR Level 2
V. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany