The European Commission (‘EC’) has published a Delegated Regulation (including 26 Annexes), also referred to as the Implementing Measures, for the Solvency II Directive, as amended, on 10 October 2014. The Delegated Regulation will automatically come into force once the European Parliament and Council give it their seal of approval as there is no requirement for transposition into national law. They have at their disposal 6 months until 10 April 2015 to scrutinise the Delegated Regulation.
The Delegated Regulation provides binding and detailed requirements on Pillar I, II, and III for re/insurance undertakings and groups.
The Delegated Regulation shall be complemented by Implementing Technical Standards and Guidelines to be issued by EIOPA in the future. Drafts of Set 1 of these ITSs and Guidelines were issued as part of the public consultation processes in April 2014 and June 2014 respectively, which consultations closed on 30 June 2014 and 29 August 2014 respectively.
Copies of the Delegation Regulation and its accompanying Annexes can be found by clicking here.