The UK insurance industry is pressing the City regulator to push ahead with some parts of a new European capital regime at the start of 2013 in their domestic market, as it looks certain that the rest of the continent will now delay introducing the rules until 2014.
The aim is to save UK insurers the costs and resources drain of having to run their old capital assessment models alongside the new models developed for the incoming Solvency II regime, when they perform their triennial Individual Capital Adequacy Standards assessment in 2013, a regulatory task unique to the UK.
The European Council has now put its weight behind the European Economic and Monetary Affairs Committee’s recommendation for a delay, making it nearly certain that most of Europe’s insurers will not have to adhere to the new rules until January 2014.
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