TIMING

It was announced on 20 February 2013 that the European Parliament will not consider Omnibus II until its 21-24 October 2013 plenary session. This represents a delay of four months from the previously announced date (10-13 June 2013) and will inevitably result in yet further delay to the implementation of Solvency II.

EIOPA PLANS

The European Insurance and Occupational Pensions Authority (“EIOPA”) has announced a plan to bring in Solvency II interim measures from 1 January 2014. These will take the form of guidelines covering the system of governance (including risk management and the process of developing an own risk and solvency assessment), pre-application of internal models and reporting to supervisors. These guidelines are not intended to anticipate Solvency II but instead to prepare supervisors and undertakings for the new regime in a consistent way. The guidelines will be addressed to national supervisory authorities and will be subject to the “comply or explain” procedure.

EIOPA has said that it plans to hold a public consultation on the proposed guidelines in April/May 2013 and that the guidelines will then be tabled to the EIOPA Board of Supervisors in autumn 2013.

EIOPA has also stated an intention to develop a supervisory handbook that would work as a guidebook for supervision in Solvency II, setting out good practices in all the relevant areas. This handbook is intended to assist in the implementation of a more consistent framework for the conduct of supervision.