The Solvency II Directive (2009/138/EC) provides the framework for a solvency and supervisory regime for insurers and reinsurers in the EU. It also consolidates, with some amendments, a number of previous insurance and reinsurance Directives. The Solvency II Directive came into force on 6 January 2010. Member states had to transpose the new regime by 31 March 2015 and firms had to implement it from 1 January 2016.

This note provides an overview of the Solvency II Directive focusing on the key reforms that were introduced by the Directive, as well as ongoing and future developments relating to the Solvency II regime.