On 7 June 2011, the Council of the European Union published a third Presidency compromise text for the Omnibus II Directive. The updated text sets out details of the arrangements that may be adopted by companies during the transitional periods with the aim of providing a link between current Solvency I regimes and Solvency II requirements.
This summary includes a brief analysis of what these changes may mean for companies and Solvency II in general.
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.