Solvency II News: “Final” Omnibus II political trilogue rescheduled

The date of what is said to be the deciding political trilogue on Omnibus II has been moved to 24 October 2013, according to a Member State diplomat. In an interview with Solvency II Wire, the diplomat said they believed that “it will be the final trilogue” on the file, but that some technical discussion may still take place afterwards. The trilogue was originally scheduled for 10 October.

So far this year there have been two trilogues, on 10 July and 10 September. The Omnibus II negotiations were reopened following the publication of EIOPA’s report on Long-Term Guarantees (LTGA) 14 June 2013. The meeting on 10 July was primarily introductory in scope. The main issue, according to sources familiar with the discussions, was the second Quick-Fix Directive. The Commission had agreed not to initiate proceedings against Member States for failing to transpose Solvency II into national law by June 2013. A trilogue* was held on 10 September. A number of sources close to the negotiations confirmed that Member States have asked for demands that far exceed EIOPA’s recommendation in the LTGA report. France is said to be asking for a 75% Volatility Balancer, while Germany is calling for Transitionals of 20 years. * [update 24/9/2013] This was not a technical trilogue as originally published. — To subscribe to the Solvency II Wire mailing list for free click here.]]>