{"id":32288911,"date":"2026-03-02T11:11:21","date_gmt":"2026-03-02T10:11:21","guid":{"rendered":"https:\/\/www.fma.gv.at\/?page_id=32288911"},"modified":"2026-03-25T15:40:31","modified_gmt":"2026-03-25T14:40:31","slug":"significant-elements-and-aims","status":"publish","type":"page","link":"https:\/\/www.fma.gv.at\/en\/insurance\/solvency-ii\/significant-elements-and-aims\/","title":{"rendered":"Significant elements and aims"},"content":{"rendered":"
\"\"<\/span>
\n

Significant elements and aims of Solvency II<\/p>\n<\/div><\/div>

<\/div>

The protection of insured persons remains the main objective of insurance supervision in the Solvency II regime. The standards focus on a stronger risk-orientation and serve for the intensification of supervisory convergence, in order to prevent supervisory arbitrage. In accordance with the aim towards cross-sector convergence, the instruments for financial supervision were in particular designed in accordance with the model from the reform in the banking sector. Furthermore, the following can also be listed as aims:<\/p>

Aligning the new supervisory regime to international standards<\/h3>

The standards under supervisory law for valuation should as far as possible be harmonised with the international developments in accounting standards (IAS \/ IFRS), to ensure that the administrative burden for insurance undertakings and reinsurance undertakings is kept to a sensible level. Furthermore, the standards developed by the International Association of Insurance Supervisors (IAIS<\/a>) and the developments in the field of actuarial mathematics have also been taken into account.<\/p>

Extending the existing predominantly quantitative system by adding qualitative requirements<\/strong><\/h3>

Since there is a relatively broad room for manoeuvre available to insurance and reinsurance undertakings with regard to the formation of their risk profile in the solvency capital requirement (pillar 1), it should be ensured in contrast, that the qualitative requirements for controlling the undertaking, the governance system, and internal processes etc. (pillar 2) are more intensively reviewed by the supervisory authority.<\/p>

Strengthening of risk-based supervision<\/strong><\/h3>

The supervisory authority’s focus is intended to concentrate on the areas where there is the greatest risk potential; the supervisory means deployed should be proportionate to the extent at which the supervisory aims are placed in jeopardy.<\/p>

Increasing transparency and accountability<\/h3>

Far-reaching disclosure obligations (pillar 3) benefit the comparability of the financial situation, solvency and the governance system of the individual insurance and reinsurance undertakings. Undertakings that apply model procedures or which have a risk-aware corporate governance, should be “rewarded” for this (at least that is the idea) by the addressees of the disclosure (i.e. the policyholders, insurance intermediaries, ratings agencies, investors and other market participants).<\/p>

More efficient monitoring of insurance groups<\/h3>

By extending the tasks conferred on colleges of supervisors and strengthening the role of the supervisory authority for group-level supervision, it is intended to ensure that group-wide risks are not overlooked.<\/p>

<\/p>\n","protected":false},"excerpt":{"rendered":"

The protection of insured persons remains the main objective of insurance supervision in the Solvency II regime. 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