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The Actuary The magazine of the Institute & Faculty of Actuaries

European Parliament proposes 2014 start date for Solvency II

Paul Clarke, global Solvency II leader at PwC, said the move was a positive development. "It brings us closer to ending the distracting debate over whether there will be a delay," he said.

Mr Clarke stated that despite the delayed start date the reality was that insurers could not afford to be complacent with their plans as they would still be required to file Solvency II information over the course of 2013 to prove their readiness. "This means insurers will need to have the appropriate systems and processes in place by the end of next year," he noted.

"The industry is likely to welcome the Parliament and Council's consensus on pushing back the implementation date to 2014, especially as a lot of the technical detail is still to be finalised."

John O'Neill, head of insurance consulting at Barnett Waddingham, said the delay was no surprise: "It is the only practical solution to accommodate European member states that are further behind the UK in terms of readiness for the changes."

Mr Clarke believes the crucial question for the industry is how the areas of disagreement on Level 2 implementing measures are resolved but said that there was unlikely to be any clarity on this until the autumn and that the rules won't be finalised until well into 2012.