Delay To Omnibus II Directive

What does this mean for Solvency II?

The European Parliament has delayed the vote on the final rules for the Omnibus II directive until April 2012. EIOPA can’t start its public consultation on the draft implementing technical standards before the publication of Omnibus II, hence the potential impact on Solvency II.

The proposals for the Omnibus II Directive include changes to align Solvency II with the Lisbon Treaty as well as making changes to reflect the EU’s new supervisory structure. There no mention at this time that the date for Solvency II compliance will be further delayed.

No Reason for Programme Delays

Many insurers are already behind with their Solvency II programmes, and whilst this delay means that they won’t get the clarity expected until into the 2nd Quarter of 2012, firms should need to make sure they’re documenting any assumptions that their making in respect to Omnibus II, and are ensuring they are getting and keeping their programmes on track and certainly not treating this as an excuse for delays.

Your Next Step

If your firm is behind in its Solvency II programme, or needs specialist help to with a particular aspect of your programme, then please contact our Solvency II team or learn more from the Fifth Step website.