ARTICLE
22 October 2012

Solvency II Directive applicable From 1 January 2014

DB
De Brauw Blackstone Westbroek N.V.

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De Brauw Blackstone Westbroek is a leading international law firm, trusted by clients for over 150 years due to its deep engagement with their businesses and a clear understanding of their ambitions. While rooted in Dutch society, the firm offers global coverage through its network of top-tier law firms, ensuring seamless, tailored legal solutions. De Brauw’s independence enables it to choose the best partners while remaining a trusted, strategic advisor to clients worldwide.

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The deadline by which the Solvency II Directive must be applied has been moved from 1 November 2012 to 1 January 2014.
European Union Insolvency/Bankruptcy/Re-Structuring

The deadline by which the Solvency II Directive must be applied has been moved from 1 November 2012 to 1 January 2014. The reason for this extension is that the Omnibus II Directive, which is expected to be adopted this autumn, will lead to changes in Solvency II.

Solvency II changes the prudential supervision of insurers and provides for maximum harmonisation in respect of solvency requirements. It also extends transparency requirements and intensifies group supervision. It applies to life insurers and non-life insurers with an annual gross premium income above EUR 5 million or with more than EUR 25 million in technical provisions on their balance sheet. The directive also applies to reinsurance companies and insurers covering liability, credit and suretyship insurance risks.

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.

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