Be the first to like this
The Omnibus II Directive, due to be voted on in September, will set the date of enforcement of the Solvency II regime. The current working assumption is that the responsibilities of supervisors and the European Insurance and Occupational Pensions Authority (EIOPA) will take effect on 1 January 2013 and the Solvency II requirements for insurers will be switched on from 1 January 2014. This leaves insurance companies limited time to get their systems and processes ready to meet tough new capital and risk management requirements, yet uncertainty persists over the final Solvency II framework, and much of the policy is still not finalised. Over the rest of 2012, the Level 1 Directive and the Level 2 implementing measures should be approved and Level 3 formal consultations will come to an end, but until Level 3 guidance is released by the EIOPA, insurers are still operating without complete clarity. As companies enter this final stage of preparation, what are their key areas of focus and concern, and how has the delay in setting the final requirements impacted their businesses?