In October 2013, the European Commission proposed a second Quick Fix Directive postponing the application date of the Solvency II Directive to 1 January 2016.

The first Quick Fix Directive states that the application date for Solvency II is 1 January 2014. However, delays to the agreement on the final text of the Omnibus II Directive made this date unworkable. The issue under discussion was a long term guarantee package. It was decided that an impact assessment was necessary before legislation could be finalised.

Impact assessment results were released in June 2013 and the European Commission issued its report on the long-term guarantee assessment by EIOPA in July. This was followed by finalisation of the Omnibus II Directive. Once agreement was reached, Level 2 implementing measures and Level 3 guidance required approval which took additional time and went beyond the end of 2013.

Tools

Tutorial

Solvency II Online Tutorial Want to learn more about Solvency II? Access our interactive online Solvency II tutorial.

Glossary

Solvency II Glossary Our Solvency II glossary simplifies some of the key terms relating to Solvency II.