Solvency II is an EU legislative programme implemented in all 28 Member States, including the UK, by 1 January 2016. It introduces a harmonised EU-wide insurance regulatory regime. The legislation replaced 14 EU insurance directives.
A high-level summary of the Solvency II Framework Directive
Solvency II implementing measures are detailed requirements that apply to insurers. Much of Solvency II's impact on insurers - including Lloyd's managing agents - is a consequence of the implementing measures rather than the Solvency II Directive.
EIOPA is tasked to issue supervisory standards, recommendations and guidelines to enhance convergent and effective application of regulations