Insurance Europe appreciates the clarity provided to the insurance industry today by the European Commission’s proposal to postpone the date from which the Solvency II regulatory regime will apply. Given the continuing discussions on the Omnibus II Directive, which will amend Solvency II, it had become clear that the current application date of 1 January 2014 was no longer workable.
“Insurance companies will have very little time between the likely finalisation of the delegated and implementing acts that provide important details on technical matters under Solvency II and today’s proposed new application date of 1 January 2016,” said Michaela Koller, director general of Insurance Europe.
“The timetable will be very challenging for insurers and supervisors and will likely lead to a significant increase in costs for the industry in preparing for and complying with the new regime. Nevertheless, Europe’s insurers remain committed to the current process for finalising the new regime in a way that addresses the outstanding issues, in particular ensuring it captures appropriately the long-term nature of the industry. Europe’s insurers will endeavour to meet the ambitious timetable for implementation that the Commission proposes.”
A first “Quick Fix” Directive in May 2012 postponed the date of transposition of the Solvency II Directive (2009/138/EC) into national law from 31 October 2012 to 30 June 2013 and its date of application to 1 January 2014. Today’s “Quick Fix 2” postpones the date of transposition to 31 January 2015 and the date of application to 1 January 2016.