Here you can find the documents published by the CEA in the context of the Solvency II project. CEA, as a branch institution, is invited to provide comments and occupy positions on the Solvency II related publications.

All interested archival information, archival reports provide the insurance market – from the years 2007 and 2006.


Report – 2007

Report – 2006





Solvency system institutions and their roles:

The Solvency II project engages a significant number of participants. Its legislative institutions are the European Commission and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). In addition to the legislative bodies, there are also sector institutions involved in the project: CEA, AISAM/ACME, ICISA, CFO Forum, CRO Forum and Groupe Consultatif.  The characteristics of individual institutions and the scope of their activities can be found below.

(European Commission, EC) – prepares a draft European law on the basis of consultation with CEIOPS. The European Commission publishes the Solvency II Framework Directive, which has to be approved by the European Parliament and the European Council. The European Commission will also ensure the implementation of the Directive in Member States.

European Commission website:

The European Commission published the preliminary versions of the Solvency II Expert Group documents on the level 2 implementing measures for specific areas the Directive’s text. Requests for comments were also sent to the Member States.

Here you can find the draft of the Solvency II Framework Directive published by the European Commission in July 2007.

Here you can find a report on amendments to the Directive’s draft:

Here you can find a note from the ECON Committee (Committee on Economic and Monetary Affairs) discussion on amendments to the Directive’s draft:

Here you can find the preliminary version of the Committee on Legal Affairs of the European Parliament prepared for the ECON Committee.


CEIOPS (Committee of European Insurance and Occupational Pensions Supervisors –  compiles the detailed analyses under the requests  formulated by the European Commission. CEIOPS, in the process of developing its response, consults with the insurance industry through the consultancy studies and public debates. CEIOPS, in preparation for Solvency II, run a number of quantitative impact studies (QIS) to examine the impact of the proposals at the company and sector level.

CEIOPS official website:

European insurance and reinsurance branch is involved in the Solvency II project through a number of representative organizations at the EU level. Those are:

More details about the institutions affected by the Solvency II draft and their role can be found in the document attached.




Solvency II – Standard Model

The standard model of the new solvency regime, under which the target capital level shall be set, is based on the following principles:

  • the  economic valuation of the commitments made will be based on best estimates of future cash flows (best estimate), without taking into account the safety margins, but including discounting
  • the valuation of embedded options and guarantees should be based on market value of those risks.

These rules will have to be met both in the standard model, as well as the internal models. The standard model will be as simple as possible and as complex as far as it is necessary to properly reflect the significant risks of insurance companies. The rules for its construction are described in thematic groups, the so-called structural blocks (Building Blocks).

Detailed rules for the construction of the standard model and internal models

Structure Block # 1: The general approach to the company’s balance in accordance with the principles of economic valuation of assets and liabilities of an insurance company

Structure Block # 2: The economic valuation of assets and liabilities should be based on the best estimate of future cash flows or the market value.

Structure Block # 3: The safety margin, the total capital requirement and the capital required for solvency purposes.

Structure Block # 4: The solvency level assessment.

Structure Block # 5: Measures of risk and time horizon.

Structure Block # 6: Risk classification.

Structure Block # 7: Risk aggregation.

Structure Block # 8: Risk reduction methods.

Structure Block # 9: Capital groups.


The development of Solvency II presents a unique opportunity to create a unified structure at European level, enabling companies to operate and manage risk more efficiently, adjusting capital requirements in proportion to the risks.

This goal motivated 442 insurance companies to actively participate in the Impact Study (CEA’s Impact Assessment Survey), conducted in response to the request of the European Commission. The European Commission is to evaluate the potential impact of any new regulations.  The impact study was part of this analysis. Participants showed a great commitment to the Solvency II draft. They also showed their support for the idea of risk analysis based economic framework for insurance supervision. This commitment was expressed, among others through the compliance of all concerned, regardless of size and legal form.

Impact Study is intended to provide insight into the following issues:

Part I of the document presents the key findings of the Impact Study conducted in the summer of 2006. It provides a reader with information about the potential impact of the risk based Solvency II Framework Directive on:

As the survey is based on the assumption that Solvency II will lead to an appropriate, recommended by the insurance industry, risk-based economic approach, the interpretation of the resulting evaluation effects is dependent on this assumption. As described in Part II of the publication, any deviations from this approach entail negative consequences.

The main results of Impact Research conducted by CEA can be found in the document below:



Wave Queries Set from the Committee of European Insurance Supervisors and Pensions (CEIOPS) is issued in connection with the development of a new solvency system (Solvency II) for life and property insurance and reinsurance liabilities.

While issuing the Wave Queries, CEIOPS invites all the interested parties to submit their views on what CEIOPS should take into account in its notifications to the European Commission.

To this day, CEIOPS has published three Wave Queries Sets on the Solvency II.


General Inspector of Financial Information was established by the Minister of Finance in 2006 as a consultative and advisory body on financial market issues.

The establishment of the Inspector answers the postulate of the participation of the wider society in consultations on financial market policy. A created forum of opinion exchange reinforced the participation of financial institutions in establishing a legal framework. It also allowed to present a unified view on the European forum. The new formula requires the consultation of professionals working within groups and teams developing issues that are vital to the work of the Inspector.

General Inspector of Financial Information was located by the minister responsible for financial institutions, which was to help him introduce effective development policy in the financial market.

Membership of the Inspector, because of the nature of this forum and its representativeness, includes representatives of financial market participants, including institutions supervising the market. The Minister of Finance or designated Secretary of State directs the work of the General Inspector of Financial Information. There are invited other people with rights of members and experts to work within GIFI. To develop specific issues, the President of the Inspector may appoint panels and working teams of specialists, specialising in issues which are to be analyzed.

Regulations concerning the insurance market in Poland are contained in three main acts. These are:

Moreover, the legal solutions regarding insurance can also be found in the Civil Code.
Poland, as a member of the European Union, is also required to obey insurance regulations of the EU.
One of the most important regulations for the whole European insurance market is the Solvency II Framework Directive.

PIU Annual Reports

Once a year The Polish Insurance Association issues a comprehensive summary of the results of insurance companies operating in Poland, a description of trends in the market policies as well as the macroeconomic situation and the conditions under which the financial services market operates. PIU Annual Report provides a comprehensive set of financial data on the insurance sector.

Market analysis

PIU also develops reports and analyses describing the trends in various segments of the insurance market both in Poland and in Europe. Accessibly provided financial data describing the various types of policies is the analytical basis for those interested in obtaining more detailed studies. PIU cooperates with many institutions of public trust while preparing these analyses.