Taking-up and pursuit of the business of insurance and reinsurance (Solvency II): dates of transposition and application; date of repeal of certain directives

The European Parliament adopted by 589 votes to 10, against 8 abstentions, a legislative resolution on the proposal for a directive of the European Parliament and of the Council amending Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) as regards the dates of transposition and application and the date of repeal of certain Directives.

Parliament adopted its position at first reading, under the ordinary legislative procedure. The amendments adopted in plenary are the result of a compromise negotiated between the European Parliament and the Council.

According to the amended text, the date of transposition for Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) is postponed from 30 June 2013 to 31 March 2015.