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Given the continuing discussions on the Omnibus II Directive, which will amend Solvency II, it had become clear that the current application date of 1 January 2014 was no longer workable.
“Insurance companies will have very little time between the likely finalisation of the delegated and implementing acts that provide important details on technical matters under Solvency II and today’s proposed new application date of 1 January 2016”, said Michaela Koller, director general of Insurance Europe.
“The timetable will be very challenging for insurers and supervisors and will likely lead to a significant increase in costs for the industry in preparing for and complying with the new regime. Nevertheless, Europe’s insurers remain committed to the current process for finalising the new regime in a way that addresses the outstanding issues, in particular ensuring it captures appropriately the long-term nature of the industry. Europe’s insurers will endeavour to meet the ambitious timetable for implementation that the Commission proposes.”