The Solvency II 2020 Review is underway. As part of the legislative procedure, the European Parliament and the Council of the European Union have recently provided their first responses to the suggested reforms from the European Commission. This briefing note focuses on the views of the institutions regarding four key topics. These are the extrapolation of the risk-free interest rate curve, the (dynamic) volatility adjustment, the risk margin and sustainability. Lastly, we discuss how insurers can prepare for and deal with remaining uncertainties.