On 26 February 2008, the European Commission issued an amended proposal to the Solvency II Directive Proposal (COM (2007) 361) which was adopted on 10 July 2007. The July 2007 version of the Solvency II Directive Proposal represented a recast of 13 existing Directives in the insurance and reinsurance sector, together with new solvency provisions. 

As reported here – CEIOPS Meeting Discusses Draft Advice to European Commission on Key Solvency II Issues], the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has now released it’s Consultation Papers of Draft Advice on Aspects of the Framework Directive Proposal related to Proportionality and on Insurance Groups. 

Charlie McCreevy, European Commissioner for Internal Market and Services, recently gave a speech at the Insurance Institute of London about the European Commission’s policy priorities for the insurance sector. Solvency II is currently the key project and will remain so until its transposition, which is intended to take place in 2012. 

The  CEA, the representative organisation for European insurers and reinsurers has called for further impact analysis of Europe’s insurance regulation standard Solvency II. The CEA announced at the European Commission public hearing that the latest qualitative impact study (QIS4) on Solvency II needs to align more closely with the framework directive published in July 2007.