On the Commission delegated regulation of 29 October 2025 amending Delegated Regulation (EU) 2015/35 as regards technical provisions, long-term… guarantee measures, own funds, equity risk, spread risk on securitisation positions, other standard formula capital requirements, reporting and disclosure, proportionality and group solvency

B100056/2026

European Parliament resolution on the Commission delegated regulation of 29 October 2025 amending Delegated Regulation (EU) 2015/35 as regards technical provisions, long-term guarantee measures, own funds, equity risk, spread risk on securitisation positions, other standard formula capital requirements, reporting and disclosure, proportionality and group solvency

(C(2025)07206 – 2025/2963(DEA))

The European Parliament,

–having regard to the Commission delegated regulation (C(025)07206),

–having regard to Article 290 of the Treaty on the Functioning of the European Union,

–having regard to Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), and in particular Articles 29(5), 31(4), 35(9), 37(6) and 50(1), Article 56, Articles 75(2), 75(3), 86(1), 92(1a) and 97(1), Article 99, point (b), Articles 105a(5) and 111(1), Articles 127 and 130, Article 213a(6), Article 233b, point (a), Article 234, Article 256(4), Article 256b(6) and Article 301a(5) thereof,

–having regard to Rule 114(3) of its Rules of Procedure,

A.whereas Article 290 TFEU stipulates that the purpose of delegated acts is to supplement or amend certain non-essential elements or to set out uniform conditions for implementing the provisions defined in legislative acts;

B.whereas the Solvency II framework aims at strengthening the EU financial system and rendering insurance and reinsurance undertakings more resilient while enabling them to supply protection against a wide variety of risks and provide financing to European businesses in line with the EU common priorities;

C.whereas Directive (EU) 2025/2 of the European Parliament and of the Council introduced or amended several empowerments for delegated acts;

D.whereas in accordance with recital 55 of Directive (EU) 2025/2, where several amendments to the Commission Delegated Regulation (EU) 2015/35 are to be bundled, the Commission ‘indicates which empowerments are considered to be substantively linked, for which the Commission is expected to provide objective justifications based on the substantive link between two or more empowerments’;

E.whereas the Commission delegated regulation bundles several empowerments without providing any objective justifications based on the substantiative link between the empowerments;

F.whereas Directive (EU) 2025/2 amended the risk margin calculation, including by lowering the cost-of-capital parameter from 6 % to 4.75 % against the EIOPA opinion on the Solvency 2 review of 17 December 2020 to keep that parameter constant considering the interest rates and market volatility, leading to a lowering of the risk margin requirements of about 21 %;

G.whereas Directive (EU) 2025/2 includes a time-dependent element in the calculation of the risk margin (‘lambda factor’);

H.whereas while the EIOPA recommendation was to set the lambda factor to 0.975 with a floor at 50 %, the Commission delegated regulation sets the lambda factor at 0.96 with a floor at 50 %, further lowering the risk margin requirements; whereas the combined effects of the changes made to the risk margin calculation leads to a very significant lowering of the risk margin requirements;

I.whereas recital 105 of Directive (EU) 2025/2 invites the Commission to assess the appropriateness of existing calibrations for investments in securitisation set out in Delegated Regulation (EU) 2015/35 taking into account available market-data; whereas Directive (EU) 2025/2 requires those calibrations to be risk-based and evidence-based;

J.whereas the Joint Committee of the European Supervisory Authorities advice on the review of securitisation framework (insurance) of 12 December 2022 provided in response to the Commission call for advice of 18 October 2021, concluded that no change to the insurance prudential framework was necessary to revive the securitisation market;

K.whereas neither the Joint Committee nor EIOPA provided any updates to the report, nor did they issue advice or opinions suggesting that amendments to the existing calibration of the capital requirements for securitisation were necessary;

L.whereas the Commission does not provide any evidence, or indicate which market data have been used to support the amendments contained in the Commission delegated regulation to the calibration of the capital requirements to securitisation exposures, in particular with regard to the significant reduction of the risk factors for senior tranches of securitisations that do not meet the criteria for being considered ‘Simple, Transparent, Standardised’ (STS);

M.whereas Article 105(7) of Directive (EU) 2025/2 empowers the Commission to adopt a delegated act in order to reflect the risk posed by crypto-assets in the market risk module and in the counterparty default risk module of the Solvency Capital requirements standard formula;

N.whereas the EIOPA technical advice on standard formula requirements for investments in crypto-assets of 27 March 2025 considers various options for the prudential treatment of insurers holdings of crypto-assets and recommends the introduction of a blanket 100 % capital requirement across all crypto holdings;

O.whereas the Commission delegated regulation does not include any amendments to the prudential treatment of crypto-assets holdings despite a clear mandate by co-legislators and the EIOPA technical advice, while in the banking sector a transitional framework for banks’ exposures to crypto-assets has been implemented in 2024;

P.whereas in accordance with Article 304c of Directive 2009/138/EC,EIOPA published on 7 November 2024 a final report on the prudential treatment of sustainability risks where it found that fossil-fuel related bonds and equities have a higher risk-profile which warrants a differentiated prudential treatment and therefore recommended to introduce a supplementary capital requirement of up to 17 % to the current capital charges for fossil-fuel related equity and a supplementary capital charge of up to 40 % for fossil-fuel related bonds;

Q.whereas the Commission delegated regulation does not include any amendment to reflect the higher risks posed by fossil fuel exposures, despite evidence-based recommendations provided by EIOPA and the mandate granted by the co-legislators;

R.whereas the Commission delegated regulation deviates significantly and on several instances from the mandate given to it in Directive (EU) 2025/2, in contradiction with the political agreement reached by the co-legislators and to the expense of the financial stability of the Union;

1.Objects to the Commission delegated regulation;

2.Instructs its President to forward this resolution to the Commission and to notify it that the delegated regulation cannot enter into force;

3.Instructs its President to forward this resolution to the Council and to the governments and parliaments of the Member States.