With respect to the entry into force of the new proposals for the Solvency II Delegated Regulation, Insurance Europe currently expects that this will take place in July, and thus the first application date will be end of Q3 (for all provisions except those explicitly foreseen to be applied in 2020, eg LAC DT).
This assessment is based on recent exchanges by the secretariat with relevant parties and it includes the following assumptions:
- No objection or early non-objection by the EP or Council by the end of the scrutiny period (8 June).
- Publication in the Official Journal of the European Union (OJEU) at the earliest on 11 June, but very likely later.
- The entry into force would be 20 days after publication in OJEU, therefore not before July.
- First date that reporting would be impacted by the new requirements would be end-September 2019.
Indicative timeline for entry into force of the SII DAs
(provided that there is no objection/early non-objection by the EP or Council)
- 8 June: end of EP/Council scrutiny
- 11 June (at the earliest): publication of the SII Delegated Regulation in OJEU
- July (tbc): entry into force (date of publication +20)