EUROPE – Delay in Omnibus II may hold up Solvency II implementation

Implementation of Solvency II could be delayed after the European parliament’s vote on the crucial proposed Omnibus II amendments was pushed back to the 20th of November.

 

Janine Hawes, KPMG’s insurance director said that the delay was not a big surprise given the trialogue between the European commission, the European parliament and the council of the European Union, which failed to reach an agreement before the summer recess. The main concern is the knock-on effect which it could have on the Solvency II implementation date which is 1st of January 2014.

 

The lack of clarity on Solvency II means there could be delays in presenting it for a vote before the European parliament. This in turn would give national insurance regulators and the insurance industry less time to comply with the directive ahead of the deadline.