Solvency II implementation appears no closer to conclusion as the European Parliaments vote on Omnibus II is pushed back to November.
Solvency II implementation appears no closer to conclusion as the European Parliament's vote on Omnibus II is pushed back to November.
Whilst the official line from regulators is that the intended implementation date for Solvency II of 1 January 2014 is attainable, continuing delays are squeezing this timetable to the limits. There have been calls from some member states to defer implementation until 1 January 2015 to allow firms to adequately prepare for the regulations.
Insurance companies continue to be frustrated in trying to meet the demands of implementing Solvency II. This is owing to a lack of clarity, as differences over some of the rules in Omnibus II still remain unresolved. There is also a concern that if Solvency II is to be delayed for 12 months, clear guidance will soon be needed as to how the regulatory authorities intend to manage solvency in 2014 to give firms sufficient time to prepare.