Last November’s announcement that Omnibus II negotiations had, at last, come to an end means that insurers and reinsurers must now focus on what they need to do before 1 January 2016 to prepare for Solvency II. Relatively little of the new regime has been finalised to date. Because of this, firms will have to absorb vast amounts of material that EU and UK authorities are expected to generate over the next two years.
This briefing is the first in a series that will look at legal aspects of the Solvency II regime and their implications for firms. It considers:
- the legal framework of Solvency II;
- how near each element of the framework is to completion and what needs to happen next;
- how Omnibus II has changed the previously published regime;
- the transitional relief that firms can expect to get from 1 January 2016; and
- how Solvency II will be applied to insurers and reinsurers in the UK.
Our briefing can be found here. Please contact us if you would like to discuss any of the issues covered in this briefing or any other aspect of Solvency II.