Preparing for Solvency II

As you may be aware, the EU Solvency II directive, which entered into force on 6 January 2010, is intended to become applicable to EU insurance and reinsurance undertakings on 1/1/2014.

However, the process to finalize the Omnibus II directive, which should amend the Solvency II directive on some important points, is taking longer than initially anticipated. We do not expect the directive in its current form to become applicable on 1/1/2014.

In the wake of these developments, EIOPA is now consulting on Guidelines on preparing for Solvency II, to be addressed to the EU’s national competent authorities on a comply or explain basis, to put in place, starting on 1 January 2014, certain important aspects of the prospective and risk based supervisory approach to be introduced.

On the 15th and 16th of July 2013, the seventh Annual Solvency II Summit will take place in London. It will feature speakers from the PRA, EIOPA, the IAIS and leading insurers and consultants.

As the new directive becomes applicable, ICODA European Affairs and KnopsPublishing will deliver an updated coordinated version of "European Solvency II Law", including Omnibus II and its Level 2 and Level 3 measures.

In this tailor-made, coordinated and complete compilation of European Solvency II law - in an easy to use, easy to search and easy to carry format - insurance practitioners, advisors, researchers, as well as policymakers and lawmakers, regulators and supervisors will find the latest available, accessible and comprehensive bundling of all approved and published legislation on Solvency II. This practical codex can be consulted through different media and will be updated periodically.

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