[holding answer 12 October 2009]: A final estimate of the impact of the EU Solvency Directive cannot be made until the Commission publishes its proposals for Level 2 implementing measures. The Government’s initial assessment of the impact is set out in the Explanatory Memorandum on the Level 1 Directive EM 6996/08: Amended proposal for a Directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Re-insurance, Solvency II.