The agreement reached on 13 November 2013 between the European Parliament, Council and Commission on the Omnibus II Directive is an important milestone in the path towards the new Solvency II risk-based regulatory regime for EU insurers.
“Insurance Europe commends the EU institutions for reaching agreement on Omnibus II,” said its president, Sergio Balbinot. “It was important for Omnibus II — which updates the Solvency II Directive of 2009 — to be finalised now, as a great deal of work remains to be done on the technical details of the new regime before insurers and supervisors can be ready to apply it from the start of 2016.”
Insurers will have very little time between the finalisation of the delegated acts and technical standards, which provide important details on technical matters under Solvency II, and the proposed application date of 1 January 2016. Nevertheless, Insurance Europe remains committed to the current process for finalising the new regime. Europe’s insurers will do their utmost to meet the ambitious timetable.