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The key European plenary meeting to consider Omnibus 2 to amend elements of the Solvency II has been delayed until March 11, 2014, further delaying implementation of Europe's proposed risk-based capital rules for insurers.
Solvency II had been slated to take effect on Jan. 1. 2014, although a delay had been widely anticipated.
This week's announcement of the delay in the vote “indicates that the trilogue process to agree the proposed amendments to Solvency II is taking longer than had been hoped,” Peter Ott, European head of Solvency II for KPMG L.L.P. in London, said in a statement. “It needs to be recognized that there will be no single universally accepted solution to the long-term guarantee issue and political compromise must be reached quickly if Solvency II is ever to be finalized.”
While there had been speculation earlier that the vote on the rules would be delayed, the formal announcement means guidelines on preparing for Solvency II that European Insurance and Occupational Pensions Authority issued in March could apply for an extended period, KPMG said in its analysis.
“Politicians now need to move forward quickly with a second 'quick fix' directive to delay the switch-off of existing directives, which will otherwise happen” with the start of 2014, Janine Hawes, insurance director at KPMG in the United Kingdom, said in the analysis “This would also have the benefit of providing industry with some much needed clarity around the implementation date for Solvency II.”