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Solvency II timeline

"The archetype of what a rule-making process should not be like". This is how industry representatives typically refer to the drawn-out political negotiations around Solvency II – and with good reason. It took regulators almost 15 years to get the regulatory regime off the ground. This is a timeline of the process, with links to the key legislative texts, reports and missives. For a short history of Solvency II read "The twists and turns of Solvency II negotiations"

 

 

1997

2001

  • May 2001 - European Commission (EC) launches Solvency II process

    Described as a fundamental review of existing insurance regulations.

2002

2003

2004

2005

2006

2007

  • 10 July 2007 - EC adopts Solvency II

    Consolidates 14 directives regulating insurance. Planned implementation date is 31 October 2012.

  • Nov 2007 - QIS3

    Ceiops publishes report on QIS3.

2008

  • 25 Nov 2008 - CRO Forum paper on addressing the pro-cyclical nature of Solvency II

    CRO Forum proposes shadow solvency capital requirement (SCR), whereby threshold for regulatory intervention could be reduced in times of stress.

  • Nov 2008 - QIS4 report

    Ceiops publishes report on QIS4.

  • Dec 2008 - Economic and Financial Affairs Council (Ecofin) removes group support

    Provisions for group support removed from the text after discussions led by French presidency. Equity dampener introduced.

2009

2010

2011

  • 1 Jan 2011 - Eiopa comes to life

    European Insurance and Occupational Pensions Authority (Eiopa) replaces Ceiops.

  • 19 Jan 2011 - Commission adopts Omnibus II

    Amends the Solvency II Framework Directive to bring it into line with the Lisbon Treaty and the EU’s new supervisory structure.

  • 9 Feb 2011 - FSA's Hector Sants speech

    Hector SantsChairman of the UK FSA says: "Going forward, the FSA and successor authorities will thus essentially be a supervisory arm of an EU policy setting body".

  • 14 Mar 2011 - QIS5 report

    Report points to fall in industry's capital surplus of €86bn (44%) relative to Solvency I. Impact could be reduced to 1% with internal model and transitionals.

  • 28 March 2011 - Presidency of the European Council releases first compromise text

    Proposes significant changes to the timetable for submission of draft technical standards.

  • 14 April 2011 - 2nd compromise text

  • 28 Apr 2011 - CRO Forum on liquidity premium

    Paper sets out proposal for a practical implementation of liquidity premium.

  • 7 June 2011 - 3rd compromise text

    With a focus on transitional measures.

  • 21 June 2011 - 4th compromise text

    Calls for one-year delay in the Solvency II timeframe, in addition to the two-month delay proposed in an earlier draft. Proposed date of implementation is Jan 2014.

  • 4 July 2011 - 5th compromise text

  • 15 July 2011 - 6th compromise text

  • 27 July 2011 - EP publishes draft report on Omnibus II

    Proposes amendments in the following areas: duration of transitional measures; liquidity premium; third-country equivalence; reporting requirements; minimum capital requirements.

  • 21 Sept 2011 - 7th compromise text

    Fails to incorporate suggestions from EP.

  • 16 Nov 2011 - Eiopa conference

    Carlos Montalvo rules out QIS6 in speech.

2012

2013

2014

2015