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:

  1. The publication by the Central Bank of its Guidelines on Preparing for Solvency II and which are generally applicable from 1 January 2014
  2. The November 2013 insurance industry briefing on the Central Bank's Solvency II Guidelines
  3. 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
  4. 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

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 confirmed

31 March 2015

Solvency II Transposition date

1 April 2015 

Applications for Supervisory approvals can be submitted

30 June 2015 

Deadline for EIOPA to submit ITS to Commission (2nd set)

30 Sept 2015   

Deadline for EIOPA to submit ITS to Commission (3rd set) 

Q3 2015 

Publication of translated EIOPA Guidelines 

1 Jan 2016 

Solvency II implementation date   

Please click here to view the full text of Solvency II Matters – Issue 12.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.