The Association of British Insurers (ABI) has published an update on Solvency II. This states that the European Commission is continuing its informal consultation on the draft implementing measures. The ABI says that there have been some adjustments that go some way in allaying companies’ concerns, but a number of issues remain unresolved. The discussions are progressing slower than expected and the European Commission has now extended the duration of its current work on the draft implementing measures with a plan to produce a more finalised text after the summer.
The update also includes details of a draft report on the proposed Omnibus II Directive, prepared by the rapporteur Burkhard Balz, which was discussed by the European Parliament’s Economic and Monetary Affairs Committee during the week beginning 29 August 2011.