Solvency II Update - Latest Timelines

Directive 2012/23/EU of the European Parliament and of the Council of 12 September 2012 ("Directive 2012/23/EU") amends the Solvency II Directive in respect of the date for its transposition, the date of its application and the date of repeal of certain existing insurance and reinsurance Directives.

The Solvency II Directive set 31 October 2012 as the date of transposition, 1 November 2012 as the date of application and 1 November 2012 as the date of repeal of various existing insurance and reinsurance Directives. There is considered to be a risk, however, given the complexity of the Omnibus II proposal, that it will not have entered into force before the date for transposition and the date of application of the Solvency II Directive. It is felt that leaving those dates unchanged would result in the Solvency II Directive being implemented before the entry into force of the transitional rules and relevant adaptations provided for by the Omnibus II proposal.