General Insurance Article - European parliament enacts Omnibus II Directive

 The final stumbling block in Solvency II implementation looks to have been overcome as the European Parliament opted for the Omnibus II directive.

 On this occasion, European Commissioner for Internal Market and Services Michel Barnier said:

 "The European Parliament has just taken a very important step towards the introduction of a modern and risk-based solvency regime for the insurance industry in Europe as of 1 January 2016, making it both safer and more competitive. This long-awaited and vital reform will finally become a reality.

 I would like to warmly congratulate everyone who has contributed to reaching agreement on this highly complex file, in particular the European Parliament - Rapporteur Burkhard Balz and Sharon Bowles, Chair of the ECON Committee - as well as the Lithuanian Presidency which steered this file to an agreement in trilogue in November 2013.

 The Commission is now preparing the next stage of implementation of Solvency II, which will be the adoption of a Commission Delegated Act containing a large number of detailed implementing rules planned for the summer of this year. EIOPA is also working on a package of Implementing Technical Standards that will ensure that everything will be ready for the application of Solvency II on 1 January 2016."