- As the implementation of the Omnibus II Directive remains the subject of trilogue discussions, on 2 October 2013 Commissioner Barnier requested that the application date for Solvency II (which is currently 1 January 2014) be postponed until 1 January 2016. In order to give legal effect to the postponement, the European Commission has published a short draft Directive, which proposes the following new dates for Solvency II:
- Transposition by 31 January 2015 and
- Implementation on 1 January 2016
- Commissioner Barnier noted that the European Commission has obtained an assurance from the Council and European Parliament that they would not seek to amend the revised dates for Solvency II.
- On 27 September 2013, EIOPA published the final guidelines in preparation for Solvency II (please see our article on these guidelines here).
- The Central Bank has announced a briefing on the implementation of the Guidelines for the Preparation of Solvency II to be held on 25 November 2013. It is expected that the Central Bank will publish its corresponding guidelines (addressed to Irish (re)insurers) in November 2013.
