Solvency II Update 13 Mar 2014

Author:Mr Darren Maher and Sharon Daly

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:

March 2014      

Plenary vote on Omnibus II Directive        

Q2 2014

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)

Q4 2014

Final approval of Guidelines by EIOPA

Jan / Feb 2015

Delegated acts are...

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