"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"
ISC report concludes that failure of insurers cannot be ascribed to single cause and recommends that new solvency framework integrates regulatory capital assessment in a wider risk management process.
2002 - Solvency I directives
Directives amending life and non-life regulations come into force.
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
12 Feb 2012 - Expert hearing at EP
Parliament holds hearing in Strasbourg to discuss the matching premium. Experts and academics warn about shortcomings of existing proposal. Alternatives include a temporary lowering of the SCR and extended transition period.
28 Mar 2012 - EP Economic and Monetary Affairs Committee (Econ) report
Rapporteur Balz publishes second report on Omnibus II, clearing the way for trialogue discussions.
13 July 2012 - Deadlock
Trialogue discussions fail to deliver after seven sessions, amid disagreements over the treatment of long-term guarantee (LTG) products.
13 Nov 2013 - Final trialogue - provisional agreement on Omnibus II
Trialogue discussions lasted for 8 hours. Sharon Bowles tweets: "Omnibus 2. Long term guarantees 65, 16, 30/35, parallel adjustment, asset replacement, capital add on and liquidity. Provisional equivalence".
19 Dec 2013 - Report on charges on long-term investments
Olivier GuersentOlivier Guersent replaces Jonathan Faull as director general of the EC's Financial Stability, Financial Services and Capital Markets Union Directorate General.
