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Daily Insurance Industry News
Wednesday 23rd of May 2018
May 4, 2011

Omnibus 2 delays threaten Solvency II timeline

by Gill Montia

Story link: Omnibus 2 delays threaten Solvency II timeline

KPMG is warning that delays to the finalisation of Omnibus 2 are impacting the Solvency II timeline, increasing fears that neither insurers nor regulators may be fully prepared for implementation on 1st January 2013.

According to the financial services firm, under the original draft of Omnibus 2, the European Insurance and Occupational Pensions Authority (EIOPA) was required to provide draft implementing technical standards by 31st December 2011.

However, an EU Parliament paper in March suggested this be delayed until August next year, and the latest Council draft of Omnibus 2 suggests submission dates from 30th September 2012.

KPMG insurance director, Janine Hawes, comments: “It remains very unclear what, if anything, the Commission and EIOPA will publish before Omnibus 2 is finalised.”

She adds: “Even the earliest date of next September could mean that the rules are not made until December 2012, just days before the insurance industry needs to be compliant with the requirements.”

According to the Financial Services Authority, Omnibus 2 is designed to make Solvency II consistent with the new European supervisory architecture for financial supervisors, not to fundamentally review Solvency II.

Any proposals in the second Omnibus directive will be subject to agreement by the European Parliament and Council.

 

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