Considerations on COM(2012)217 - Modification of the dates of transposition and application of Directive 2009/138/EC on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II)

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dossier COM(2012)217 - Modification of the dates of transposition and application of Directive 2009/138/EC on the taking-up and pursuit of the ...
document COM(2012)217 EN
date September 12, 2012
 
table>(1)Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (2) provides a modern, risk-based system for the regulation and supervision of insurance and reinsurance undertakings of the Union. That system is essential in order to ensure a safe and solid insurance sector that can provide sustainable insurance products and support the real economy by encouraging long-term investments and additional stability.
(2)Directive 2009/138/EC sets 31 October 2012 as the date for transposition and 1 November 2012 as the date of application. Furthermore, that Directive sets 1 November 2012 as the date of repeal of the existing insurance and reinsurance Directives (3) (collectively referred to as ‘Solvency I’).

(3)On 19 January 2011 the Commission adopted a proposal (the ‘Omnibus II proposal’) to amend, inter alia, Directive 2009/138/EC in order to take into account the new supervisory architecture for insurance, namely the setting-up of the European Supervisory Authority (European Insurance and Occupational Pensions Authority). The Omnibus II proposal also includes provisions to postpone the date for transposition and the date of application of Directive 2009/138/EC, and the date of repeal of Solvency I.

(4)Given the complexity of the Omnibus II proposal, there is a risk that it will not have entered into force before the date for transposition and the date of application of Directive 2009/138/EC. Leaving those dates unchanged would result in Directive 2009/138/EC being implemented before the entry into force of the transitional rules and relevant adaptations provided for by the Omnibus II proposal.

(5)In order to avoid overly burdensome legislative obligations for Member States under Directive 2009/138/EC and later under the new architecture envisaged by the Omnibus II proposal, it is therefore appropriate to postpone the date for transposition of Directive 2009/138/EC.

(6)In order to allow for supervisors and insurance and reinsurance undertakings to prepare for the application of the new supervisory architecture, it is also appropriate to provide for a later date of application of Directive 2009/138/EC.

(7)For reasons of legal certainty, the date of repeal of Solvency I should be postponed accordingly.

(8)Given the short period of time before the dates laid down in Directive 2009/138/EC, this Directive should enter into force without delay,