Solvency II

Author:Ms Breeda Cunningham
Profession:Dillon Eustace
 
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To read the Insurance Quarterly Legal And Regulatory Update in full please click here. A seventh revision of the EU Presidency compromise text for the proposed Omnibus II Directive was released on the 21 September 2011, which further develops the amendments to the existing Solvency II Directive proposed in the original Omnibus II which was released in January 2011. The seventh revision text includes further details on the areas for which companies shall be required to provide information as part of their implementation plans to be submitted to regulators in the period prior to full adoption of Solvency II. Under the current proposal, companies would have to provide information on their state of preparedness regarding (inter alia): the calculation of capital requirements; the valuation of assets and liabilities; the adaptation of processes and procedures for supervisory reporting and public disclosures; and the adaptation of a system of...

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