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Following on from the Solvency II Directive consultation issued by the Treasury in November 2011, this short consultation is intended to complete the process of consultation on how the government should implement the Solvency II Directive in the UK. Given the work to finalise Omnibus II, which amends the Solvency II Directive, the government has not been able to complete the consultation process before now. With the Omnibus II Directive coming into force on 23 May 2014, the Treasury is now working to complete the arrangements for transposition of Solvency II in order to ensure a smooth transition to the new prudential regime for insurance business.
The consultation seeks responses from interested parties, particularly UK insurance and reinsurance firms that fall within scope of the Solvency II Directive (Directive 2009/138/EC), as amended by Omnibus II (Directive 2014/51/EU).
Deadlines for comments are by September 19th 2014.