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Michel Barnier introduction date for the new directive put back from October 2012 to 31 December 2012

SOLVENCY 2

ASYMPTOTIX BRUSSELS

Speaking on Tuesday 4 May in BXL at a hearing on the EU's Solvability II Directive (2009/138/EC) revising the surveillance system for insurance and re-insurance (see EUROPE 9887), EU Internal Market Commissioner Michel Barnier said that very few insurers' tax years end on 31 October and he therefore wants the introduction date for the new directive to be put back from 31 October 2012 to 31 December 2012 in order to bring it into line with the end of most insurance companies' tax years (31 December). The review of the Solvability II Directive will be part of the draft "Omnibus II" legislation expected to be unveiled in June 2010 to amend several pieces of financial services legislation to incorporate changes set out in the EU financial supervision package.

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