EUROPEAN commissioner Michel Barnier has proposed delaying the introduction of the EU’s new capital requirements for insurers – known as Solvency II – from 2014 to 2015, it was reported yesterday.
Tim Ford, a Solvency II specialist at Ernst & Young, told City A.M. that a forthcoming impact study means delaying it now could result in a “more timely implementation date”.
“Either they proceed now or they delay until the findings from the impact study are available. The risks are that the impact study could come back with a major issue and delay it more.”
Any change to the timeframe would need the approval of the European council and be backed by the full European parliament.