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On 13 November 2013 the European trilogue parties reached provisional agreement on Omnibus II Directive. This agreement still has to be endorsed by EU member states before being finalised. The Commission earlier this year put forward a draft Directive postponing the application date of the Solvency II Directive to 1 January 2016 (for more information click here -> and Omnibus II agreement is very important step towards meeting this challenging timetable of Solvency II implementation.

The European Parliament economic and monetary affairs committee rapporteur for Omnibus II Burkhard Balz stated: “Expected timeline is for Solvency II to be operational for firms from 1 January 2016 with transition into national regulation required by 31 March 2015. These dates are expected to be confirmed at an EP Plenary session in Strasbourg later this month.”

Sergio Balbinot, Insurance Europe president, said: “Insurance Europe commends the EU institutions for reaching agreement on Omnibus II. It was important for Omnibus II — which updates the Solvency II Directive of 2009 — to be finalised now, as a great deal of work remains to be done on the technical details of the new regime before insurers and supervisors can be ready to apply it from the start of 2016”

Commissioner Barnier stated: "This agreement is 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. In practice it makes the implementation of Solvency II possible.”

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