Arising from the Solvency II 2020 review, the European Parliament formally adopted amendments to the Solvency II Directive in April 2024. Building on this, the European Commission published the finalised amendments to the Delegated Regulation underpinning the Directive in October 2025.

As the revised Solvency II framework moves closer to its 30 January 2027 implementation date, the European Commission and EIOPA continue to publish consultation papers to clarify and refine technical aspects of the regime.

In this briefing note, we discuss the fourth batch of consultation papers, which focus on:

• Draft revised guidelines on valuation of technical provisions (primarily focusing on changes to the risk margin calculation methodology)
• Draft Regulatory Technical Standards (RTS) on simplified calculation of the risk margin
• Draft revised guidelines on ring-fenced funds
• Draft revised Implementing Technical Standards (ITS) on matching adjustment approval
• Draft revised ITS on disclosures templates to supervisory authorities
• Draft guidelines on supervisory powers to remedy liquidity vulnerabilities