Key data
| Regulation | Amendment to Delegated Regulation (EU) 2026/269 — amends Delegated Regulation (EU) 2015/35 (Solvency II) |
|---|---|
| Publication | 16 June 2026 (OJ:L_202690474) |
| Entry into force | Not specified in the amendment text |
| Affected parties | Insurance and reinsurance companies operating in the European Union under the Solvency II framework |
| Category | European Regulation |
| Amended regulation | Delegated Regulation (EU) 2026/269, of 29 October 2025 |
| Base regulation amended | Delegated Regulation (EU) 2015/35 |
European insurers operating under the Solvency II framework have a new element to incorporate into their compliance processes: the formal amendment to the Delegated Regulation (EU) 2026/269, published on 16 June 2026 in the Official Journal of the European Union (OJ:L_202690474). This regulation, originally approved on 29 October 2025, amends the Delegated Regulation (EU) 2015/35, which is the technical implementing standard for Solvency II that regulates how insurers calculate their capital and manage their solvency.
The amendments are not minor: they directly affect the way entities calculate their capital requirements under the standard formula and the reports they must submit to supervisors. Ignoring this amendment may mean that internal models and regulatory reports are based on an incorrect version of the regulation.
What does this regulation establish?
The amendment covers seven technical areas of the Solvency II framework, all with direct impact on the actuarial, financial and reporting calculations of insurers. The following details all affected matters:
| Affected area | Description of change |
|---|---|
| Technical provisions | Aspects of the calculation of technical provisions are corrected (reserves that insurers must maintain to cover their future obligations to policyholders) |
| Long-term guarantees | Rules on long-term guarantee measures are adjusted, which allow insurers to smooth the impact of market volatility on their balance sheets |
| Own funds | Criteria for classification and eligibility of own funds that insurers can count as regulatory capital are corrected |
| Equity risk | The treatment of equity risk in the calculation of the Solvency Capital Requirement (SCR) is adjusted |
| Securitisation spread risk | Rules on spread risk applicable to securitisation positions within the standard formula are corrected |
| Other capital requirements (standard formula) | Other risk modules included in the standard formula for SCR calculation are adjusted |
| Information, disclosure and proportionality | Reporting rules (SFCR, RSR) and proportionality criteria applicable to smaller entities are corrected |
| Group solvency | Rules for calculating solvency at the insurance group level are adjusted |
The starting point is the Delegated Regulation (EU) 2015/35, the technical standard that implements the Solvency II Directive. Regulation (EU) 2026/269 already introduced substantial amendments to that text in October 2025; this amendment corrects errors or inaccuracies detected in that amendment.
Economic and operational impact
Corrections in the calculation of the Solvency Capital Requirement (SCR) are those with the greatest potential impact. Any variation in the risk modules of the standard formula — equity, securitisation spread or others — can alter an entity's solvency ratio, with direct consequences for:
- The level of capital that the entity must maintain immobilised to comply with the SCR.
- The dividend policy and profit distribution, which is conditioned on the surplus of capital over the SCR.
- Regulatory reports (SFCR and Report to Supervisor — RSR) that must reflect the amended version of the regulation.
- Internal models that use the standard formula as a reference or starting point.
- Group solvency, where corrected errors can affect capital consolidation at the insurance group level.
Corrections regarding proportionality are also relevant for smaller insurers: if proportionality criteria change, some entities could fall outside or within the simplified regime, with direct implications for their reporting obligations.
Who does it affect?
- Life and non-life insurance companies operating in the European Union under the Solvency II framework.
- Reinsurers with domicile or activity in the EU subject to Solvency II.
- Insurance groups that calculate their solvency on a consolidated basis.
- Actuaries and risk teams responsible for calculating the SCR using the standard formula.
- Chief Financial Officers (CFOs) and finance teams of insurers managing the structure of own funds and regulatory capital.
- Compliance and regulatory reporting managers who prepare the SFCR and RSR.
- Smaller insurers under proportionality regimes, who must verify whether the amended criteria remain applicable to them.
Practical example
A medium-sized Spanish insurer uses the standard formula to calculate its SCR. In its investment portfolio it holds positions in securitisations and equities. Following the publication of Regulation (EU) 2026/269 in October 2025, its actuarial team updated the calculation models. However, the amendment published on 16 June 2026 precisely modifies the treatment of securitisation spread risk and equity risk.
If the team does not incorporate the changes from the amendment, the calculated SCR may be incorrect. An underestimated SCR would mean that the entity presents an artificially elevated solvency ratio to the supervisor, which constitutes a regulatory breach. An overestimated SCR, on the other hand, would unnecessarily immobilise capital, reducing the capacity for profit distribution. In both cases, the solution is to review the models with the amended version of the regulation before the next reporting date.
What should companies do now?
- Review SCR calculation models to verify that they incorporate the amended version of Delegated Regulation (EU) 2026/269, especially in the equity risk and securitisation spread risk modules.
- Audit technical provisions calculated under the previous version to detect whether the amendments alter the amounts recorded in the balance sheet.
- Review the classification of own funds in light of the amended criteria, verifying that computable capital continues to meet eligibility requirements.
- Update regulatory reports (SFCR and RSR) to ensure they reflect the regulation in its amended version, especially if drafts have already been prepared based on the previous version.
- Verify the impact on group solvency if the entity is part of an insurance group, given that the amendments also affect consolidated calculation.
- Check the applicable proportionality regime: if the entity is under simplifications by size, confirm that the amended criteria do not alter its eligibility for that regime.
- Consult with the national supervisor (in Spain, the DGSFP) on the timeline for effective application of the amendment and its compliance expectations.
Frequently asked questions
What exactly does this regulation amend and why does it matter?
The amendment corrects errors or inaccuracies in Delegated Regulation (EU) 2026/269, published on 29 October 2025, which in turn amended Delegated Regulation (EU) 2015/35 (Solvency II). The amended areas are: technical provisions, long-term guarantees, own funds, equity risk, securitisation spread risk, other capital requirements under the standard formula, information and disclosure rules, proportionality and group solvency. It matters because capital calculations and reports prepared with the previous version may be incorrect.
When does the amendment to Delegated Regulation (EU) 2026/269 enter into force?
The amendment was published on 16 June 2026 in the EU Official Journal (OJ:L_202690474). The entry into force date is not specified in the available amendment text. Insurers should consult the full text published in EUR-Lex and, if necessary, contact their national supervisor (in Spain, the DGSFP) to confirm the application timeline.
Which insurers are required to comply with this amendment?
All insurance and reinsurance companies operating in the European Union under the Solvency II framework, including insurance groups that calculate their solvency on a consolidated basis. It also affects smaller entities under proportionality regimes, which must verify whether the amended criteria alter their situation.
What happens if my insurer does not update its models with the amended version?
Operating with models based on an incorrect version of the regulation can result in a miscalculated SCR: if underestimated, the entity will present an artificially elevated solvency ratio to the supervisor, which constitutes a regulatory breach. If overestimated, capital will be unnecessarily immobilised. In both cases, the risk is regulatory and reputational in nature with respect to the national supervisor.
Does this amendment affect SFCR and RSR reports already submitted?
It depends on the submission date and the application timeline of the amendment. If reports were prepared with the previous version of Regulation (EU) 2026/269 and the amendment alters the underlying calculations, it may be necessary to review or update such reports. It is recommended to consult with the national supervisor (DGSFP in Spain) to determine whether any corrective action is required.
Official source
Consult complete regulation at official source (EUR-Lex)
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202690474