On October 10, the European Commission adopted the draft Delegated Regulation that will introduce much of the detail of Solvency II. The framework Directive which was adopted in November 2009, and has been subsequently amended by Omnibus II, specifies that the European Commission should adopt a Delegated Act (the published Regulation) which sets out detailed implementing rules. Like most Regulations, the Solvency II Delegated Regulation will have direct effect once adopted to ensure that there is consistency in implementation.
The Regulation has not been subject to specific public consultation although various stakeholders have seen iterations of the Regulation in advance of its adoption. The Council of the European Union and the European Parliament can object to the Commission’s draft Regulation but have a limited window in which to do so.
The Commission has also published 26 Annexes to the Delegated Regulation.
Solvency II is due to come into force on January 1, 2016.
For further information: European Commission Delegated Regulation (C(2014) 7230 final)