Solvency II

April 2009: Institutional agreement on the Solvency II Framework Directive

After intensive negotiations between the Commission, the European Parliament and the European Council, the three institutions agreed on a compromise text for the Solvency II Framework Directive that was adopted by the European Parliament’s plenary session on 22 April 2009.

• Solvency II Framework Directive
• Frequently Asked Questions (FAQ)

ECOFIN subsequently acknowledged the Parliament's positive vote on 5 May 2009.

June 2009: Timetable for the development of Level 2 Implementing Measures

In June 2009, the Commission wrote to CEIOPS regarding the timetable for the development of Level 2 implementing measures

• Letter of Director-General Jörgen Holmquist to CEIOPS
• Annex 1 – updated timetable
• Annex 2 – updated list of implementing measures
• Annex 3 – content and structure of CEIOPS advice
• Call for advice (for the Impact Assessment of the Level 2 Implementing Measures)
• List of policy issues and options for the Level 2 Impact Assessment of Solvency II
• Letter of CEIOPS' Chair Dr. Thomas Steffen to Jörgen Holmquist

The Commission has also appointed Deloitte to conduct an external study assessing the potential impact of implementing measures, with a special focus on the areas of mass risks, health insurance, long-term savings, business to business insurance and administrative costs. The report will be presented as an appendix to the impact assessment on the Level 2 implementing measures.

Background on the Solvency II Project

Further background on the Solvency II project is available here.