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Alberto Corinti says Solvency II will have a wide influence. All the market players are already preparing themselves for its implementation and the main challenge for companies is to understand how Solvency II will impact the way it does business.
He explains that it has been challenging for companies to implement Solvency II from day one because it is a very complex model and many of the issues have been uncertain so there is not a lot of time for companies to prepare. For this reason the original deadline of 1 January 2013 appears increasingly unfeasible. Full implementation will take some time and certainly good implementation will take some years.
The European Commission is still discussing some critical issues and Corinti hopes the Commission will manage to finalise a compromise as soon as possible on those political issues.