Solvency II – A guide to the legal process and next steps

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. Continue reading

Solvency II trilogue discussions conclude – so what happens now?

Earlier today, it was announced that yesterday’s trilogue discussions on the Omnibus II Directive (Omnibus II) had finished in agreement.  The announcement puts to rest recent uncertainty about the future of the Solvency II Directive and sets in train a timetable bringing the new regime into force from the beginning of 2016.

Of more immediate concern, a consultation paper issued by the PRA (CP9/13) in October describes its approach to guidelines published by the European Insurance and Occupational Pensions Authority (EIOPA) that address Member State preparations for Solvency II (theGuidelines).

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