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BRUSSELS—The European Parliament's Economic and Monetary Affairs Committee has postponed a vote on amendments to the text of Omnibus II, the directive that will introduce Solvency II in stages, from the end of this month until late March.
The ECON committee hearing and vote was slated for Jan. 24 and 25 but now will take place March 21.
A European Parliament plenary vote on the directive is slated for April.
“Insurers are desperate for more rule certainty on a number of key topics, and the ECON vote is a vital step in this process, so its continued delay could prove a challenge in the long run,” said Paul Clarke, London-based global Solvency II leader at PricewaterhouseCoopers L.L.P., in a statement.
“There is real concern that this additional delay to the ECON vote will have negative consequences for the overall Solvency II implementation timetable,” he added.
For in-depth coverage of this topic and related issues, visit our Solution Arc on Solvency II Compliance and Business Challenges for Insurers.
As the risk-based regulatory regime Solvency II comes into force in the European Union, what compliance, strategic and operational challenges do E.U. and non-E.U. insurers and reinsurers face? Our new Solution Arc package provides in-depth information on the huge operational challenges of Solvency II, implementation strategies and other essential information. More