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Solvency II reform no “revolution” but greater proportionality welcomed


  • Greater regulatory proportionality expected across EU member states
  • Lighter touch approach to ORSA and SFCR reporting requirements
  • Reforms could encourage more formations within the European Union
  • Welcome exemption from climate change reporting

There is hope that Solvency II amendments will allow for greater proportionality in the regulation of captives domiciled within the European Union (EU), but the proposals stop short of giving captives their own classification.

Since 2016 insurers and reinsurers, including captives, have been governed by the EU Solvency II Directive.

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