Solvency II does not apply to pension funds covered by Directive 2003/41/EEC (the "occupational pension funds" Directive, or IORPs). The Commission is currently examining how suitable solvency requirements can or should be developed for pension funds.

Solvency II introduces a new regulatory Framework for all European insurance and reinsurance companies independent of their size or legal form. However, there are exemptions for very small mutual companies.

It does not cover pension funds.