Solvency II, the EU's reform of insurance supervision and capital rules, is facing a considerable delay and is unlikely to be introduced before 2015, reports Financial Times Deutschland. The reason for the current delay is the derailment of the tight Solvency II timetable set by the EU Commission. The original Solvency II directive was agreed in 2007 by the European Union. It now needs amending through a so-called Omnibus II directive, dealing with several pieces of legislation. However, the parliament's ECON Committee failed to vote on the Omnibus II directive at its meeting on Tuesday. The vote has now been scheduled for 20 March and 21 March. But after that date there would not be enough time for the so-called Trilogue process between EU Parliament, Commission and Council to be completed before the summer recess. It seems unlikely that the implementing measures will be agreed upon before 2013. As Brussels has promised European insurers a change-over period of at least 18 months, 2015 seems the first possible date for the initial implementation. The EC is theoretically planning a transitional year in 2013, when companies would be required only to collect all the data needed under Solvency II and file them with supervisors, but companies could still work under the old Solvency I system. The plan called for a full switch to Solvency II by 2014, longer with changeover periods for some segments. "But now, it is more likely that Solvency II will be introduced by 2015, and be fully activated by 2016", said a leading German manager close to the Brussels proceedings. A delay would be a considerable defeat for the European Commission and in particular for Karel van Hulle, head of the EU's unit on insurance, pensions and financial Institutions. Mr van Hulle is set to retire later this year, and has made the implementation of Solvency II his key task over recent years.