Following the European Parliament’s formal adoption of amendments to the Solvency II Directive in April 2024, the European Commission released its draft amendments to the Solvency II Delegated Regulation in July 2025. This marks a key milestone on the path to the revised Solvency II framework, scheduled for implementation on 30 January 2027.
This briefing note provides background on the Solvency II review and summarises the proposed amendments. Key areas addressed include:
- Risk margin
- Solvency capital requirement (SCR)
- Long-term guarantee measures
- Best estimate calculation
- Pillars II and III
- Group solvency
- Proportionality measures and simplifications
- Non-proportional reinsurance
The note also compares the draft amendments with the Solvency II reforms in the UK (Solvency UK) implemented by the Prudential Regulation Authority.