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ARTICLE · 17 APRIL 2014

Solvency II: Finally Final

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek

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The European Council has approved the Omnibus II Directive. With the adoption of O2, the Solvency II framework Directive is finally final.

European UnionInsurance
DaniëLle Pos
DaniëLle Pos
Björn Schep
Björn Schep
Jessica Schouten
Jessica Schouten
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The European Council has approved the Omnibus II Directive ("O2"). With the adoption of O2, the Solvency II framework Directive (2009/138/EC, "S2") is finally final. This does not mean that all is clear. Further details concerning many subjects still need to be provided in delegated and implementing acts and in guidelines. Yet, we now finally have the definitive text of the framework directive. The text of O2 is expected to be published in May 2014.

This legal alert highlights the main changes that O2 makes to S2. Insurers should take these changes into account when preparing for the implementation of S2 as of 1 January 2016. Though we only refer to the position of insurers in this legal alert, the points we address will similarly apply to reinsurers.

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