European Parliament draft report on Omnibus II proposal

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By William Coatesworth, John McKenzie | 11 August 2011

A draft report issued by the European Parliament on 27 July 2011 proposes changes to the wording of the draft Omnibus II Directive that would align it with the Omnibus I Directive. The report proposes amendments to Solvency II requirements as well, including timing and duration of transitional measures, the illiquidity premium, third country equivalence, reporting requirements, and minimum capital requirements. The draft report also proposes that the full implementation date for Solvency II be deferred until 1 January 2014, with a phase-in of requirements throughout 2013.

This analysis has been prepared primarily from the perspective of the UK, reflecting the application of Solvency 1 in the UK and the issues influencing Solvency 2. These may or may not be relevant in other jurisdictions dependant upon how they have implemented the legislation.