{"id":8048,"date":"2025-10-29T09:48:32","date_gmt":"2025-10-29T08:48:32","guid":{"rendered":"https:\/\/www.tsi-kompakt.de\/?p=8048"},"modified":"2025-11-18T13:30:03","modified_gmt":"2025-11-18T12:30:03","slug":"adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union","status":"publish","type":"post","link":"https:\/\/www.tsi-kompakt.de\/en\/2025\/10\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\/","title":{"rendered":"Adjustments to Solvency II in the Context of the Savings and Investments Union"},"content":{"rendered":"<p>The EU aims, through the Savings and Investments Union (SIU), to channel capital flows more effectively into productive investments and to promote cross-border financial activities. A central component of this initiative is the adjustment of Solvency II. Since 2016, Solvency II has regulated the capital requirements of European insurers. It is considered particularly restrictive in the area of securitisations. The reform now aims to mobilise more capital for infrastructure, SMEs, and sustainable projects \u2014 including securitisation.<\/p>\n<h3>Key Points of the Planned Changes<\/h3>\n<ul>\n<li><strong>Technical provisions and interest rate structure:<\/strong><br \/>\nAdjustments to first smoothing points and extrapolation of the risk-free interest rate curve: more stable valuation of long-term liabilities; revised methodology for the risk margin with a time-dependent discount.<\/li>\n<li><strong>Market risks and long-term investments:<\/strong><br \/>\nNew rules for long-term equity investments and preferred funds: lower capital requirements for strategic holdings; reform of the volatility adjustment and the symmetric equity adjustment.<\/li>\n<li><strong>Risk weights for securitisations:<\/strong><br \/>\nReduced risk factors for STS senior tranches and differentiated calibration for non-STS tranches: stronger risk sensitivity; removal of the double-rating requirement for STS positions.<\/li>\n<li><strong>Proportionality and simplified procedures:<\/strong><br \/>\nSimplified calculations for smaller or less complex risks: lower operational burden; clearly defined conditions for using relief measures at both solo and group levels.<\/li>\n<li><strong>Reporting, governance, and group supervision:<\/strong><br \/>\nStreamlining of reporting requirements: less volume, more clarity; more precise rules on group solvency and eligible own funds.<\/li>\n<\/ul>\n<h3>Implications for the Securitisation Market<\/h3>\n<p>The adjustments to Solvency II are intended to strengthen the role of the capital market as a source of financing for the real economy. The investor base for the securitisation market could also gain new momentum. Insurers will have stronger incentives to invest in high-quality securitisations due to lower capital requirements, particularly for STS-compliant transactions. In our view, the removal of the double-rating requirement for STS applies to private transactions only, but it nevertheless represents a meaningful simplification. The Solvency II adjustments are linked to the ongoing revision of the entire securitisation regulatory framework (<a class=\"tsi-link-text\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/06\/european-commission-publishes-legislative-proposals-on-securitisations\/\">see TSIkompakt of 17 June<\/a>).<\/p>\n<h3>Outlook<\/h3>\n<p>At the end of October 2025, the European Commission presented legislative proposals for implementing the SIU strategy. These proposals specify measures for integrating supervision, trading, and post-trading as well as for modernising Solvency II. The goal is to adopt the new regulations by mid-2026. This package of measures will hopefully be complemented as early as 2027 by the revision of the securitisation regulation, in order to further deepen the Capital Markets Union and support growth in the European financial sector.<\/p>\n<p><a class=\"tsi-link\" href=\"https:\/\/ec.europa.eu\/commission\/presscorner\/detail\/en\/ip_25_2540\">Press release of the European Commission<\/a><\/p>\n<p><a class=\"tsi-link\" href=\"https:\/\/www.true-sale-international.de\/fileadmin\/tsi-gmbh\/tsi_downloads\/aktuelles\/solvency2-delegated-regulation-2025-7206_en.pdf\" target=\"_blank\" rel=\"noopener\">To the complete document<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The EU aims, through the Savings and Investments Union (SIU), to channel capital flows more effectively into productive investments and to promote cross-border financial activities. A central component of this initiative is the adjustment of Solvency II. Since 2016, Solvency II has regulated the capital requirements of European insurers. It is considered particularly restrictive in<\/p>\n<div class=\"read-more\">\n<div class=\"more-dotted-line\"><\/div>\n<p><a class=\"moretag\" href=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/10\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\/\">Read More<\/a><\/div>\n","protected":false},"author":19,"featured_media":8047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[847],"tags":[1296,902,1299,1298,1145,1295,1297],"class_list":["post-8048","post","type-post","status-publish","format-standard","has-post-thumbnail","category-regulatory-update-en-2","tag-capital-requirements","tag-european-commission-en","tag-interest-rate-structure","tag-non-sts-tranches","tag-savings-and-investments-union-siu-en","tag-solvency-ii","tag-sts-senior-tranches","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Adjustments to Solvency II in the Context of the Savings and Investments Union - TSI kompakt<\/title>\n<meta name=\"description\" content=\"The EU aims, through the Savings and Investments Union (SIU), to channel capital flows more effectively into productive investments and to promote cross-border financial activities. A central component of this initiative is the adjustment of Solvency II. Since 2016, Solvency II has regulated the capital requirements of European insurers. It is considered particularly restrictive in the area of securitisations. 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Since 2016, Solvency II has regulated the capital requirements of European insurers. It is considered particularly restrictive in the area of securitisations. The reform now aims to mobilise more capital for infrastructure, SMEs, and sustainable projects \u2014 including securitisation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tsi-kompakt.de\/en\/2025\/10\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\/\" \/>\n<meta property=\"og:site_name\" content=\"TSI kompakt\" \/>\n<meta property=\"article:published_time\" content=\"2025-10-29T08:48:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-18T12:30:03+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tsi-kompakt.de\/wp-content\/uploads\/2025\/11\/Solvency-II_Produktionsfinanzierung.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1365\" \/>\n\t<meta property=\"og:image:height\" content=\"768\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Birgit Holzhauser\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Birgit Holzhauser\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/\"},\"author\":{\"name\":\"Birgit Holzhauser\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/d1ca6361734811d0336ac7bac34d57a7\"},\"headline\":\"Adjustments to Solvency II in the Context of the Savings and Investments Union\",\"datePublished\":\"2025-10-29T08:48:32+00:00\",\"dateModified\":\"2025-11-18T12:30:03+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/\"},\"wordCount\":429,\"image\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Solvency-II_Produktionsfinanzierung.jpg\",\"keywords\":[\"Capital requirements\",\"European Commission\",\"Interest rate structure\",\"Non-STS tranches\",\"Savings and Investments Union (SIU)\",\"Solvency II\",\"STS senior tranches\"],\"articleSection\":[\"Regulatory Update\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/\",\"url\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/\",\"name\":\"Adjustments to Solvency II in the Context of the Savings and Investments Union - TSI kompakt\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/en\\\/2025\\\/10\\\/adjustments-to-solvency-ii-within-the-framework-of-the-savings-and-investments-union\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/Solvency-II_Produktionsfinanzierung.jpg\",\"datePublished\":\"2025-10-29T08:48:32+00:00\",\"dateModified\":\"2025-11-18T12:30:03+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/www.tsi-kompakt.de\\\/#\\\/schema\\\/person\\\/d1ca6361734811d0336ac7bac34d57a7\"},\"description\":\"The EU aims, through the Savings and Investments Union (SIU), to channel capital flows more effectively into productive investments and to promote cross-border financial activities. 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