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Solvency II: where are we now?
Although there isno certaintyon the Solvency II
implementation date, EU policymakers are continuing to finalise keyaspects of the framework.
Recent developments include EIOP
consultation on interimmeasures, the impact assessment of the long-term guarantee packageand a debate on whether new legislation is needed formally to delaySolvency II
Solvency II implementation date
The legal position is that Member Statesmust transpose the Solvency II Directiveinto national laws by 30 June 2013 andapply it to firms from 1 January 2014.
It is clear, however, thatthis Solvency IItimetable is not feasible.
EU Member States cannot implement the
Solvency II framework by the set dates, for the simple reason that it isnot finalised.
A Member Stat
failure to meet the legal implementation deadlines for Solvency II would mean thatit was not complying with EU law andcould have legal implications.
As a result, Member States are keen to ensure thatfurther legislationamends the Solvency II Directive to postpone deadlines for Solvency IIimplementation on a formal basis.
This can be done by means of another
similar tothe one adopted last summer, which established current transpositionand implementation dates.