Invest Europe
Insurers / Solvency II
Key policy areas
22 Dec 2025
The Solvency II Directive is the legislation setting out prudential rules for the European insurance industry. It provides a risk measurement framework for defining capital requirements for insurance companies when they invest into private equity and venture capital funds.
A review of the Directive has been launched on 22nd September 2021 and was effectively finalised late 2025 with the publication of the implementing acts. The review introduced significant changes to the treatment of a long-term equity category giving the opportunity to insurers.
How does it affect private equity?
The capital that must be set aside by insurers to address the risks they face for investing in private equity has a significant influence on their asset allocation decisions. With insurers representing around 10% of the investment into European private equity, the Directive affects the amount of capital flowing into private equity and venture capital funds. Over the past few years much attention has been given to improving the criteria allowing insurers to set up "long-term equity portfolios" subject to a preferential capital charge.
Solvency II library
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Response to EC Consultation on draft Solvency II Delegated Acts
Positions & consultation responses
06 Dec 2018
Response to EIOPA second set of advice on Solvency II risk weights
Positions & consultation responses
05 Jan 2018
Response to EIOPA Call for Evidence on Solvency II treatment of unlisted equity and debt
Positions & consultation responses
24 May 2017
Response to Capital Markets Union Mid-Term Consultation
Positions & consultation responses
17 Mar 2017
Response to EIOPA's Consultation on the treatment of infrastructure corporates under Solvency II
Positions & consultation responses
13 May 2016
MEMBER ONLY
Solvency II Reporting Template
Member guides
01 Apr 2016
Response to European Commission Call for Evidence on EU Regulatory Framework for Financial Services
Positions & consultation responses
31 Jan 2016
Response to EIOPA Call for Evidence on infrastructure corporates
Positions & consultation responses
10 Dec 2015
Response to EIOPA Consultation on the identification and calibration of infrastructure investment risk categories
Positions & consultation responses
07 Aug 2015
EVCA-PAE Response to Green Paper on Capital Markets Union
Positions & consultation responses
13 May 2015
Response to EIOPA on Infrastructure Investments by Insurers
Positions & consultation responses
24 Apr 2015
EC Green Paper on Capital Markets Union
Positions & consultation responses
18 Feb 2015
Solvency II Delegated Acts
Member guides
14 Oct 2014
Research paper on risk calibrations
Data and insight
01 Jul 2013
Response to EIOPA Discussion paper on Solvency II calibrations
Positions & consultation responses
28 May 2013
