On 10 October, European Commission adopted delegated act under the Solvency II Directive (this act represents Level 2 of the legislation). As stated in the official press release, the act adopted presents detailed rules to implement the Solvency II Directive and concerns particularly valuation of assets and liabilities (including long-term guarantee measures), way of setting the level of required capital and how insurance companies should be managed and governed.
It is now up to the European Parliament and Council to approve the Solvency II Delegated Act and after the scrutiny Level 2 of the Solvency II Legislation will be officially finalized. For more information alongside with provisional version of the Delegated Act (soon to be replaced by the final text) refer to the Commission website.