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On March 11 the European Parliament adopted the Omnibus II Directive amending Solvency II Framework Directive which was published in December 2009 in the Official Journal of the European Union. Omnibus II still need to be officially approved by the Council and afterwards published in the Official Journal to enter into force.

As stated in the European Commission official press release, Commissioner for Internal Market and Services Michel Barnier said:

"The European Parliament has just taken a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. This long-awaited and vital reform will finally become a reality.”

Read details about Omnibus II approval and directive background in the official press release posted on the European Commission website.

For the Omnibus II text (in all EU official languages) adopted by the European Parliament follow this link.

Technical details about voting on Omnibus II Directive are summarized here.

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