On 22 April 2009 the European Parliament approved the proposed Solvency II directive. This brings implementation of the regime in October 2012 another step closer.
The directive, which will replace 14 existing directives, will now be considered by the EU's Council of Ministers, which is expected to formally adopt the directive shortly. The formal adoption follows the agreement on the two outstanding issues that was reached earlier this year (see our blog here). Once the directive has been approved by the Council of Ministers, attention will turn to the implementing measures that are required to put the directive into effect.