Omnibus II adopted by European Parliament - One step closer to Solvency II

Negotiations on the amendments to the Solvency II Directive have been lengthy and fraught with problems, but a big step towards Solvency II was taken yesterday (11 March 2014) when the European Commission voted to adopt the Omnibus II Directive which contains the amendments. The council of the EU will now need to also formally adopt Omnibus II, after which it will be published in the official journal of the EU. The Directive will enter into force the day after its publication in the office journal. Now that Solvency II has been finalised the Commission can move on to prepare for implementation which will be on 1 January 2016. Solvency II is only a framework directive; the detail will be contained in the implementing rules which are currently being prepared by the European Insurance and Occupational Pensions Authority, together with the implementing technical standards.  

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