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 |
|
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.