MIXED REACTION TO FURTHER SOLVENCY II DELAYS (by Gaetano)

There has been mixed reactions to a confirmation done by the Financial Services Authority that the implementation date for Solvency II has been further pushed back by one year to January 2014. Solvency II is a European Union directive imposing more robust capital requirements for insurers and replaces 38-year-old legislation. Scott Paton of PA Consulting said "This is a great opportunity for firms to look again at how they can improve the quality of their application." However, not all responses were so positive. Jim Bichard, insurance partner at PWC, said the decision “Is likely to be met by disappointment from many of the largest insurers, especially those pushed to the back of the queue”.

Solvency II had originally been set due for a 2012 implementation but the process has been delayed to allow insurers and regulators more time to prepare their models.

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http://www.ft.com/cms/s/0/2fa30abe-ee98-11e0-9a9a-00144feab49a.html#axzz1aTS4VBDU

http://www.theactuary.com/actuary/news/2114333/fsa-solvency-delay-an-opportunity