The proposed January 2016 implementation date for Solvency II now appears more likely after agreement was reached by Council and Parliament on the Omnibus II Directive following a marathon negotiation session last week. 

The EU’s financial services chief, Michael Bernier, stated that the agreement had removed the final obstacle to putting the new capital standard into force; “in practice it makes the implementation of Solvency II possible”. 

The agreement has been hailed by Europe’s biggest insurers as a crucial development in the implementation of Solvency II.