On 22 September 2021, the European Commission adopted its review of the Solvency II Regime in the context of the EU’s post pandemic recovery.  The review consists of a legislative proposal to amend the Solvency II Directive and a legislative proposal for a new Insurance Recovery and Resolution Directive (IRRD), which seeks to harmonise national laws on recovery and resolution of insurance and reinsurance undertakings.

The review does not contain proposals on the introduction of harmonised rules for Insurance Guarantee Schemes (IGS). The Commission states, however, that it is committed to reassessing the appropriateness and timing of any such alignment in the future. It has, therefore, published, at the same time of the review, a quantitative assessment of several policy options for a possible proposal on the introduction of harmonised rules for IGSs.

On 14 December 2023 the Council and the European Parliament announced a provisional agreement on amendments to the Solvency II proposal and to the IRRD proposal.