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ARTICLE · 08 OCTOBER 2012

Insurance Quarterly Legal And Regulatory Update

Dillon Eustace
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The current timetable for the transposition of the Solvency II Directive is June 30, 2013 with its implementation targeted for January 1, 2014.

IrelandInsurance
Dillon Eustace
Dillon Eustace
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Solvency II

The current timetable for the transposition of the Solvency II Directive is June 30, 2013 with its implementation targeted for January 1, 2014. All existing insurance and reinsurance directives will be repealed as of January 1, 2014. There have been increasing reports, however, of a potential further one year delay in Solvency II's implementation.

The vote in the European Parliament on the Omnibus II Directive (which, if adopted, will amend the Solvency II Directive) is due to be held on November 20, 2012. Michel Barnier (European Commissioner for Internal Market and Services) has proposed that the negotiations relating to Omnibus II be delayed until March 2013 so as to await the completion of an impact study by the European Insurance and Occupational Pensions Authority ('EIOPA') on insurance products with long-term guarantees.

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