Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • February 2013
02

Key Solvency II vote pushed back until October

Open-access content Thursday 21st February 2013 — updated 5.13pm, Wednesday 29th April 2020

A key vote which is needed for the new rules governing Europe’s insurance industry, Solvency II, to be finalised has been delayed again.

2

The European Parliament had been due to vote on the Omnibus 2 Directive which underpins Solvency II on June 10, but it emerged today that this vote has now been put back until October 22.

The Parliament is yet to confirm the reasons for the latest delay, but it is expected to allow for full consideration of the results of a study being undertaken to consider the impact the new rules will have on insurance products offering long-term guarantees, and to draft any resulting amendments to the legislation.

This study was launched last month by the European Insurance and Occupational Pensions Authority, with the conclusions expected in the second half of June. The European Commission is then due to draft its own report by July 12.

Consultancy KPMG said that while the schedule meant a delay in the plenary vote was 'inevitable', it was 'disappointing' that European legislators had still not provided a clear timetable for the remaining steps that were needed to for Solvency II to be introduced. The head of EIOPA has told The Actuary that the rules, which had been due to be implemented in January 2014, were now unlikely to come into force until January 2016 at the earliest.

Peter Ott, European head of Solvency II at KPMG, said: 'European insurers are ostensibly fatigued by the many delays that have happened throughout the last decade and the discussions whether the directive will ever become a reality in its current form are becoming more intense. A clear timetable is needed on the remaining steps to industry compliance.'

KPMG is now working on the assumption that the rules will have to be implemented by insurers from January 1 2016, explained Janine Hawes, insurance director at the consultancy.

But she added that it was 'critical' for insurers to know what EIOPA was proposing for the interim period. The regulator first mooted interim implementation of aspects of the new system relating to governance, risk management and transparency in November, and is now due to publish guidance on the procedures national supervisors should put in place this spring.

'The focus is heavily on the pillar 2 requirements of Solvency II such as governance, risk management and ORSA principles, so insurers should continue to further develop and stabilise these areas throughout this year,' Hawes said.

This article appeared in our February 2013 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Insurers need Solvency II certainty, says Treasury minister

Uncertainty over how long-term investments by insurers will be treated under Solvency II will need to be addressed before insurers increase their role in financing key UK infrastructure projects, a Treasury minister said today.
Tuesday 12th February 2013
Open-access content
ta

European pension reform plans 'are unworkable'

The European Commission has been urged to dramatically reconsider the approach it plans to use to measure all aspects of a pension scheme's financial situation as part of an overhaul of European pensions legislation.
Monday 11th February 2013
Open-access content
2

Insurers call for cross-party consensus to tackle flood risk

Political commitment on all sides is needed to tackle the rising risk of flooding, the Association of British Insurers said today.
Thursday 7th February 2013
Open-access content
2

Gabriel Bernardino: Man on a mission

Nick Mann meets Gabriel Bernardino, the man at the centre of the wholesale overhaul of Europe’s pensions and insurance regulation and supervision
Wednesday 6th February 2013
Open-access content

Enhanced annuity sales break £4bn barrier

UK sales of annuities which offer bigger pensions for retirees with serious medical conditions or unhealthy lifestyles exceeded £4bn for the first time last year, Towers Watson revealed yesterday.
Tuesday 19th February 2013
Open-access content
2

Ten pension funds signed up to infrastructure platform

A total of ten pension funds are now signed up to a government-backed scheme to provide investment capital for major infrastructure projects.
Tuesday 19th February 2013
Open-access content

Latest from Position

TPR publishes coronavirus guidance

The Pensions Regulator (TPR) has published guidance to help UK pension trustees, employers and administrators deal with the financial and regulatory risks posed by coronavirus.
Monday 23rd March 2020
Open-access content
2

Expert advice

This edition of the magazine focuses on data science and its applications, which will be a recurring theme for the IFoA.
Friday 28th February 2020
Open-access content
2

Tesla sparks fears of insurance market overhaul

That is according to a new report from Moody's, which highlights how Tesla has already started offering premiums that are up to 30% cheaper than those of mainstream insurers.
Friday 14th February 2020
Open-access content

Latest from Reinsurance

Natural catastrophes drive insured losses of $38bn

Natural catastrophes drive insured losses of $38bn

Unprecedented flooding in Australia and South Africa saw total insured losses from natural catastrophes reach $35bn (£29bn) in the first half of 2022, Swiss Re has found.
Wednesday 10th August 2022
Open-access content
Insured losses from natural disasters rise above 21st century average

Insured losses from natural disasters rise above 21st century average

Natural disasters resulted in around $39bn (£32bn) of insured losses during the first six months of this year, which is 18% higher than the 21st century average of $33bn.
Thursday 28th July 2022
Open-access content
Utilities struggling to insure new coal power, report claims

Utilities struggling to insure new coal power, report claims

New coal power capacity is becoming increasingly difficult to insure outside of China, with utilities now turning to inexperienced companies for coverage.
Wednesday 8th June 2022
Open-access content

Latest from February 2013

2

Regulator launches pension scheme data-keeping probe

The Pensions Regulator has announced plans to check whether pension schemes are meeting its data-keeping standards.
Thursday 28th February 2013
Open-access content
2

Assessing model risk in practice

Alan Forrest of RBS Group explores how the risk that a model is not fit for purpose sits at the core of contemporary risk management
Wednesday 27th February 2013
Open-access content
2

Insurance industry launches annuity code of conduct

The Association of British Insurers has formally launched a new code of conduct to make it easier for retirees to make the right choices when they use their pension pot to buy an annuity.
Tuesday 26th February 2013
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 02

2

Regulator launches pension scheme data-keeping probe

The Pensions Regulator has announced plans to check whether pension schemes are meeting its data-keeping standards.
Thursday 28th February 2013
Open-access content
2

Insurance industry launches annuity code of conduct

The Association of British Insurers has formally launched a new code of conduct to make it easier for retirees to make the right choices when they use their pension pot to buy an annuity.
Tuesday 26th February 2013
Open-access content

One third of UK adults 'are not saving for the future'

Almost one-third of the UK adult population are not currently saving for their future, suggesting a 'bleak future' for their ability to cope with future financial shocks, Scottish Widows said today.
Monday 25th February 2013
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Manager - Building new team!

London (Central)
Up to £130k + Bonus
Reference
148845

Shape the Future of Credit Risk Model Development

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148843

Longevity Director

Flexible / hybrid with 2 days p/w office-based
£ six figure salary with excellent bonus potential + package
Reference
148842
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ