Insurers will be expected to fully comply with Solvency II by 1 January 2014, according to financial secretary to the Treasury, Mark Hoban MP...
Speaking at the Association of British Insurers' Solvency II conference on Thursday, the Fareham MP said there was "broad consensus" on the date.
"The likely effect will be that firms will be required to comply in full from 1 January 2014, potentially with some 'soft implementation' from early 2013.
"Our overarching aim will be to ensure that both the industry and the regulators have adequate time to prepare for implementation."
He added a key priority was to avoid further implementation delays.