European Commission Proposal on Solvency II

22 May 2012

The European Commission has issued a Proposal for a Directive amending the Solvency II Directive (2009/138/EC) as regards the dates of its transposition and application, and the date of repeal of certain Directives.

The deadline for transposition of the Solvency II Directive (2009/138/EC) is 31 October 2012. This date would be extended by the Omnibus II Directive, for which negotiations are still ongoing. As the negotiations have taken longer than expected, the Omnibus II Directive may not be published before 31 October 2012, when Solvency II is supposed to be transposed.

In order to avoid that situation, the Commission has adopted on 16 May 2012 a targeted proposal for a Directive that will move the implementation date of Solvency II by Member States to 30 June 2013, and the application date by companies to 1 January 2014.

Full proposal

© European Commission