A one-year delay to the Solvency II implementation date appears all but confirmed by the latest draft Omnibus II Directive, published in July 2011 by the European Parliament, providing clarity in some areas yet signposting places where further debate will be needed.
This is a positive step forward providing some much needed clarity around not only Solvency II implementation date but a number of key technical issues such as transitional measures, requirements during 2013 and when to expect Level 2 and Level 3 legislation.
However, there are now two documents in the public domain revealing the thinking of the Committee of Economic and Monetary Affairs of the European Parliament and the Council and there are many areas where an agreement between the two is yet to be achieved.
The attached Hot Topic sets out to explain in a clear and concise way the key content of Parliament's proposals and compare against Council's proposals, provide a summary of what will happen next and what the implications are for the insurance industry.
Previous announcement: Proposals to delay Solvency II by a year.