Solvency II: Entry into force of the Commission Delegated Regulation 2026/269
While the Commission Delegated Regulation 2026/269 shall apply starting January 30th 2027, it officially entered into force on March 10th, locking in the technical standards. The stated goals of these amendments are to free-up capital from insurers, aiming to stimulate the long-term investments in the real economy and other union priorities.
What should asset managers expect?
This revision of the Solvency II framework has a major impact on capital requirements for long-term equities and securitized products, making them significantly more capital efficient. Asset managers should expect an increased demand from insurers for funds with exposure to these assets.
Additionally, we can anticipate ongoing discussion about data granularity requested by insurers to take full advantage of the new capital requirements and other recalibrations.
What about Tripartite Template (TPT)?
Amendments focus mostly on capital calculation and liability valuation rather than additional datapoints. As of today, FinDatEx has not communicated changes to the TPT structure.
However, it is important to consider that a new TPT version could emerge to facilitate the exchange of new datapoints, specifically regarding:
- Investment qualification as long-term equity to benefit from reduced capital charges.
- Securitization products, despite being already covered in the current version, insurers may require additional granularity.
- Climate risk sensitivity to enable enhanced climate risk modeling.
- The new look-through approach, potentially flagging “immaterial” exposures.
We will monitor FinDatEx publications related to additional data requirements and their implementation timelines.
