Sweden's Financial Supervisory Authority (FI) has notified the European Insurance and Occupational Pensions Authority (EIOPA) that it follows or intends to follow five new and revised Solvency II guidelines. FI follows one set immediately and plans to follow the remaining four from May 1, 2027, subject to amendments to Swedish law. Those four apply from Jan. 30, 2027, but the necessary Swedish legislative changes are proposed to take effect on May 1, 2027.
The guidelines followed immediately cover insurers that, with FI's approval, use their own data to calculate certain parameters in the standard formula. They replace the 2015 guidelines without substantive changes. Among the four sets awaiting legislative amendments, the diversity guidelines call for firms to set targets for appointments to administrative, management or supervisory bodies, including quantitative targets for gender balance, and document progress annually.
The other three sets address prudential treatment, group supervision and reporting relief. Revised guidelines on related undertakings reflect new rules for deducting participations in credit institutions and financial institutions. Guidelines on exclusion from group supervision specify the exceptional circumstances required where an exclusion would result in no group supervision, and when supervision may instead take place at the level of an intermediate participating undertaking. Reporting guidelines specify how market shares are calculated when firms receive reporting relief.