On 21 May 2012, the European Commission published a legislative proposal for a directive to amend the Solvency II Directive. The proposals extend the date by which Solvency II must be transposed by member states into national law from 31 October 2012 to 30 June 2013. It also states that Solvency II will apply from 1 January 2014 (the application date) and Solvency I will no longer apply on this date.

The proposals were made as a result of delays in the adoption of the Omnibus II Directive and to allow a smooth transition into the new law under Solvency II. The Commission has requested that the European Parliament and Council of the European Union adopt the proposed Directive urgently so that it can enter into force as soon as possible. Legislative Proposal.