The Commission is understood to have drawn up a new timeline for the impact assessment that would target political agreement on the terms of reference by the middle of December, with the assessment beginning no later than the end of January.
There appears to be little optimism among insurers that an agreement will be reached between the Council of the European Union and the European Parliament within this new timeframe. “The Commission has given new timelines… but there are no signs that these will be met”, says Jorg Sauren, internal model and Solvency II specialist at ING Insurance, based in Amsterdam.
The impact study was first proposed in July. Insurers want the impact assessment period, which is now expected to last 13 weeks, to begin as soon as possible, to limit any overlap with the financial reporting calendar. Negotiations to finalise Omnibus II will not resume until after the long-term guarantee assessment has been completed.
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