Timetable for Implementation

TIMETABLE

Solvency II is a ‘Lamfalussy Process’ directive, which essentially means that a framework directive will set out the broad requirements of the Solvency II regime and additional implementing directives will be published by the European Commission, under advice from Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). CEIOPS will in turn handle public consultations regarding proposed changes in the regime.

European Timetable
The Solvency II Directive was adopted by the European Parliament in April 2009 and endorsed by the Council of Ministers in May 2009. The Solvency II Directive has an implementation date of 31 October 2012. The new solvency regime for all insurers and reinsurers will come into force on that date.

You can download the published version of the framework directive (2009/138/EC) here.

Irish Timetable
The Irish Financial Regulator has stated that the new solvency regime for all insurers and reinsurers will come into force on the scheduled implementation date, 31 October 2012.

In the context of planning for the implementation of Solvency II, all life assurance, non-life insurance and reinsurance companies are being asked by the Financial Regulator to provide details relating to the use of proposed internal models. The Financial Regulator issued a formal letter in August 2009 to all Irish-regulated insurance and reinsurance companies. The letter included a request to complete the questionnaire below and return it by end-August 2009 to solvencyII@financialregulator.ie.

A further follow-up letter was issued in December 2009, requesting firms seeking approval to use internal models to submit a completed questionnaire to enable the Financial Regulator to plan approval workflows and timelines.