In February 2002, the "Solvency I" scheme was adopted. In practice, the requirements of this directive quickly proved to be limited, especially after the 2002-2003 financial crisis. The European Union then started a project of global reform of the European insurance regulation.
The new directive, called "Solvency II", was voted in April 2009 and came into force on 1 January 2016. The objective was to better adapt the shareholders’ equity of insurance companies to the risks they incur.
In November 2018, the European Commission launched a consultation to amend Solvency II.
After consultation, the European Insurance Authority “EIOPA” proposed a new draft of Solvency ll for June 2020. Due to the health crisis, this reform was postponed to a later date.
Lire aussi | Solvency II and insurance [4]