12 March 2014 News

European Parliament grants final approval for Solvency II

The European Parliament has approved the Omnibus II Directive, finalising the new risk-based regulatory framework for Solvency II.

Bermuda and European re/insurers can now begin to finalise their plans to implement Europe’s great regulatory project, which will become law on January 1, 2016.

Commenting on the approval, Rick Lester, lead Solvency II partners at Deloitte, said: “The European Parliament’s vote is a key step in the long process of implementing the regulations on January 1, 2016. Insurers have generally made good progress meeting the new requirements and while there is further work on the detailed implementing rules, insurers will be relieved that the deadline for implementation has been clarified and there is an agreed basis from which to proceed.”

Lester adds that insurers have been dealing with an unprecedented tide of regulation, which has cost European insurers €4 billion annually.

“Further delays to the implementation of Solvency II would have been hard for insurers looking to plan for changes and manage their business,” he said.

The ruling will help set in stone deadlines that many feared would slip further.

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