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Since the introduction of Solvency II in 2016, the risk landscape for insurers has changed. Emerging risks, such as climate change, cyber threats, and pandemics, challenge business models and financial stability, yet were not fully addressed in the original regulatory framework. Therefore, we discuss the role of emerging risks in European Union (EU) and U.S. insurance regulation and use the Solvency II review process (2019–2025) to investigate how EU regulators adapted their framework to emerging risks. Our analysis shows that Own Risk and Solvency Assessments (ORSAs) and macroprudential supervision are key elements for regulating emerging risks, while capital standards require regular review and adjustment. The Solvency II review illustrates this by introducing more explicit requirements for considering emerging risks—particularly climate risks—in ORSA and risk management, and by strengthening macroprudential supervision. This paper provides insights for regulators on best practices and outstanding challenges in the regulation of emerging risks in insurance.