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"Under the best scenario, Solvency II could start to be implemented either 2015 or 2016. It depends on the length of the legal and political process", Mr Bernardiono said. "At the end of the day, we'll probably go to 2016, but it is still to be seen."
Some delay was expected, but Mr Bernardino is the first official to discuss publicly the timing in concrete terms. EIOPA advises the European Commission on technical issues regarding Solvency II, but the political decision on when to start the new regime will be made by the European Parliament, the Commission and the European Council.
The original deadline had been the cause of concern to insurers, who argued that information technology, risk management and reporting systems would need to be adapted to the new requirements. Some of the rules aren't yet clear.
Mr Bernardino said it needs to be clear whether some of the elements of Solvency II could be applied prior to the official start, in areas such as risk management, for instance. He also said EIOPA will carry out another stress test of the resilience of European insurers sometime next year, the first since 2011.
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