Council of Europe pushes full implementation date of Solvency II back to 2019

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The latest addition to the Omnibus II directive put forward by the Council of the European Union (CEU) includes transitional arrangements for Solvency II, which effectively means the full impact of the directive will not be felt until 2019 – the same date as planned for its banking equivalent, Basel III.

Released on June 7, the proposals include a transitional term structure for calculating the best estimate of liabilities. This will be established using a weighted average of the Solvency I rate