The Central Bank has published Issue 12 of Solvency II Matters, summarising key Solvency II developments and events over recent months.
Some of the main developments include the following:
The publication by the Central Bank of its Guidelines on Preparing for Solvency II and which are generally applicable from 1 January 2014 The November 2013 insurance industry briefing on the Central Bank's Solvency II Guidelines The adoption by the European Parliament on 21 November 2013 of the European Commission's proposal for the "Quick Fix II" Directive; the publication by the Council of the European Union of the text of the Omnibus II Directive, as provisionally agreed by the European Parliament, the European Commission and the Council on 13 November 2013. The current date for the European Parliament's plenary vote on the Directive is 11 March 2014 Update on the internal model approval process The current set of indicative dates in the Solvency II timeline are as follows:
Plenary vote on Omnibus II Directive
Omnibus II published in Official Journal
July / August 2014
Commission formally proposes draft delegated acts
31 October 2014
Deadline for EIOPA to submit ITS to Commission (1st Set)
Final approval of Guidelines by EIOPA
Jan / Feb 2015
Delegated acts are...