On 21 June 2011, the Council of the European Union published its fourth version of the proposed Presidency compromise text for the Omnibus II Directive. The updated text proposes a further one year delay, moving the date of implementation to 1 January 2014, and provides further details on the scope of transitional arrangements.
This summary includes a brief analysis of what these proposals 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.