European commission issues Omnibus II directive and EIOPA sets out revised timetable

The draft text of the Omnibus II Directive, published on 19 January 2011 by the European Commission, makes a number of proposed adjustments to the existing Solvency II directive in light of the Lisbon Treaty, provides details of areas where transitional measures may be applied, and proposes a two-month extension of the Solvency II implementation date. EIOPA's Solvency II medium-term work plan, also published on 19 January, reflects the increased powers and responsibility of the new Europe-wide body, and focuses on how Solvency II implementation will take place in order to ensure a smooth transition to the new framework. This Solvency II update summarizes the content of both documents.