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15th January 2012

Further delay over Solvency II

The vote on the European Parliament's amendments to the Omnibus II text has once again been delayed. The Economic and Monetary Affairs Committee(ECON) vote is an important step in the process to achieving rule
certainty.
Paul Clarke, global Solvency II leader at PwC, comments "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. There is real concern that this additional delay to the ECON vote will have negative consequences for the overall Solvency II implementation timetable.
Given the degree of investment made and progress achieved, any chance of delay at this stage will be disappointing.
It is extremely important that due consideration is given to the remaining issues being debated and the industry needs clarity soon.
However it is equally important that clarity does not come at any price."