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ARTICLE · 19 MARCH 2013

Global Corporate Insurance & Regulatory Bulletin

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It was announced on 20 February 2013 that the European Parliament will not consider Omnibus II until its 21-24 October 2013 plenary session.

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Edited by Martin Mankabady , Lawrence R. Hamilton and David W. Alberts

Europe - Solvency II update

TIMING

It was announced on 20 February 2013 that the European Parliament will not consider Omnibus II until its 21-24 October 2013 plenary session. This represents a delay of four months from the previously announced date (10-13 June 2013) and will inevitably result in yet further delay to the implementation of Solvency II.

EIOPA PLANS

The European Insurance and Occupational Pensions Authority ("EIOPA") has announced a plan to bring in Solvency II interim measures from 1 January 2014. These will take the form of guidelines covering the system of governance (including risk management and the process of developing an own risk and solvency assessment), pre-application of internal models and reporting to supervisors.

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