European Parliament clears the way for implementation of Solvency II rules
11 March 2014
The European Parliament has approved the Omnibus II Directive that completes the Solvency II Directive and finalises the new risk-based regulatory framework for insurers.
Deloitte, the business advisory firms, says European insurers can now start finalising plans to implement the rules on 1st January 2016.
Rick Lester, lead Solvency II partner at Deloitte, said:
“The European Parliament’s vote is a key step in the long process of implementing the regulations on 1 January 2016. Insurers have generally made good process 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.
“European insurers have been dealing with a volume of new regulations that has not been seen for decades, and we calculate complying with the new regulations costs more than €4bn a year. Further delays to the rules would have made it harder for insurers to effectively plan and manage their business.”
Notes to editors
In this press release references to Deloitte are references to Deloitte LLP, which is among the country's leading professional services firms.
Deloitte LLP is the United Kingdom member firm of Deloitte Touche Tohmatsu Limited (“DTTL”), a UK private company limited by guarantee, whose member firms are legally separate and independent entities. Please see www.deloitte.co.uk/about for a detailed description of the legal structure of DTTL and its member firms.
The information contained in this press release is correct at the time of going to press.
Member of Deloitte Touche Tohmatsu Limited.
“The European Parliament’s vote is a key step in the long process of implementing the regulations on 1 January 2016"-Rick Lester, lead Solvency II partner at Deloitte