The European Parliament approved the final text of the Solvency II review in October 2024. While changes from the review are not expected to go live until early 2027 at the earliest, the European Commission and the European Insurance and Occupational Pensions Authority have started work on the areas where they will be providing further detail. In this briefing note, we discuss several consultation papers that have been published this year, on topics such as: 

• Liquidity risk management
• Exceptional sector-wide shocks
• Scenarios for best-estimate valuations for life insurance obligations
• Standard formula capital requirements 
• Classification of crypto assets
• Sustainability risks