Adoption of the Solvency II Directive has been delayed until 2016. The European Insurance and Occupational Pensions Authority (EIOPA) has released guidelines on preparing for Solvency II, but the Finnish legislator has found the guidelines to be inadequate for patching up any deficiencies until Solvency II is implemented. For these reasons the Finnish insurance company-related legislation will be amended. The reform is expected to come into effect on January 1, 2014.
Partners Matti Komonen and Herman Ljungberg at Hammarström Puhakka Partners, Attorneys Ltd, have written an update on this matter. The update titled “Solvency II system of governance requirements to enter into effect ahead of schedule” has been published in the International Law Office’s newsletter.