European Parliament proposes 2014 start date for Solvency II
The Committee of Economic and Monetary Affairs of the European Parliament has released its draft report on Omnibus II with the proposal that the full requirements of Solvency II should not be implemented until 1 January 2014.
At this stage it is still a draft position, the first reading of the Omnibus II Directive is due to be adopted in the Economic and Monetary Affairs committee in the European Parliament this November, with the vote in plenary in January 2012.
The one-year delay would not necessarily give lobbyists more time to bring about changes to the rules. The biggest risk that is posed by this delay is that (re)insurers relax their preparations for the new regime. (Re)Insurers should not let up in their efforts to be ready for the upcoming rules as they would still need to have the appropriate systems and processes in place by the end of next year.
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