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Insurance Europe reiterates that the assessment’s end of March deadline is very challenging for insurance companies due to the annual closing, reporting of the accounts, local regulatory reporting and a range of other risk management and reporting processes that require modelling and actuarial expertise.
The resources needed for the Impact Assessment are simply not available for other tasks with some of those concerned already working very long hours and weekends. Consequently it will be very challenging for companies to participate in the impact assessment, and those participating are very likely to have to rely on over-simplifications unless more time is allowed outside of the reporting period.
Therefore it asks for flexibility to extend the deadline for the submission of results. The impact assessment is scheduled to be launched on 28 January.