On 27 July 2011, the Economic and Monetary Affairs Committee of the European Parliament (the Committee) proposed in a draft report on Omnibus II (click here for a copy) that the Solvency II regime be introduced through a process of "phasing-in", with (re)insurance undertakings not being required to comply in full until 1 January 2014. Under the proposals, between 1 January 2013 and 31 December 2013 re(insurers) would be required to calculate the solvency capital requirement, minimum capital requirement and amount of own funds and determine the balance sheet and profit and loss account under Solvency II and provide this and data on risks and governance to supervisory authorities.

The current implementation date of Solvency II is 1 January 2013. The European Parliament will discuss the Committee's draft report on 31 August 2011 and a vote on the proposals will take place on 22 November 2011.