United Kingdom

Details

  • Industry: Financial Services
  • Type: Press release
  • Date: 31/08/2012

KPMG calls for a clear statement on Solvency II implementation date after latest Omnibus 2 delay 

  • European Parliament’s consideration of Omnibus 2 pushed back to 20 November

 

  • Ongoing drip feed of delays makes the 1 January 2014 implementation date increasingly unrealistic

 

 

The timetable for Solvency II implementation could slip as the European Parliament's consideration of the proposed Omnibus 2 amendments was again delayed this morning.

 

Janine Hawes, insurance director at KPMG, commented: "This delay comes as no huge surprise given the trilogue’s failure to reach agreement before the summer recess. However, the primary concern is the knock-on effect this could have on the Solvency II implementation date.  There is still a long journey ahead to finalise the rules once Omnibus 2 is approved, as the level two and three requirements will need to be consistent with the amendments made.

 

"Official comments suggest that the regulators are still aiming for a Solvency II implementation date of 1 January 2014. However, it is becoming increasingly unrealistic to expect all insurers to be able to achieve this, especially as the final requirements for the determination of insurance liabilities remains unclear. 

 

“Companies need the certainty of having final rules in order to properly prepare for the new requirements.  At the moment, there simply isn't enough time for everyone to do this properly.

 

“A clear indicative timetable for all the remaining steps required in adopting Solvency II is urgently needed - rather than the continuing drip feed of delays we continue to see.”

 

-       ENDS   -

Notes to editor

 

For further information please contact

 

Monica Fiumara, Senior PR Manager, KPMG

Tel: +44 (0)20 7694 5674

Mobile: +44 (0)7901 105180

Email: monica.fiumara@kpmg.co.uk

 

KPMG Press Office: 020 7694 8773

 

About KPMG

 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff.  The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.  KPMG International provides no client services.

 

 

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