The deadline by which the Solvency II Directive must be applied has been moved from 1 November 2012 to 1 January 2014. The reason for this extension is that the Omnibus II Directive, which is expected to be adopted this autumn, will lead to changes in Solvency II.
Solvency II changes the prudential supervision of insurers and provides for maximum harmonisation in respect of solvency requirements. It also extends transparency requirements and intensifies group supervision. It applies to life insurers and non-life insurers with an annual gross premium income above EUR 5 million or with more than EUR 25 million in technical provisions on their balance sheet. The directive also applies to reinsurance companies and insurers covering liability, credit and suretyship insurance risks.