General Insurance Article - Omnibus II agreement welcomed by Groupe Consultatif


 An agreement has been reached between the European Parliament, Council and Commission on the Omnibus II Directive.

 The Groupe Consultatif welcomes the certainty around Solvency II with a reliable timescale for implementation between now and 2016. The Groupe recognises the strenuous efforts of the Commission, Council and Parliament to reach a practical solution, and the major contributions from stakeholders and industry.

 Alot of work lies in the months ahead: on finalising important details at Level 2 and more detailed guidance. Also EIOPA is already running its "preparatory guidelines" which have started to influence the actions of national supervisors in 2014 and 2015 before the full implementation date.

 Solvency II has a major impact on actuaries inside insurers, working in consultancies and also employed by supervisors. The Groupe Consultatif looks forward to continuing involvement with assistance in technical provisions, risk management and capital quantification.

 The Groupe Consultatif has a particular interest, for the future Solvency II world, in the development of roles of risk management, the actuarial function and the interaction with existing statutory roles at national levels.

 Malcolm Campbell, chairman of the Groupe Consultatif, stated: “This is an important step in the Solvency II project, and we can now focus on how we best contribute to ensure that Solvency II can be implemented by 2016. The Groupe Consultatif has always supported the introduction and contributed to the development of a new risk-based solvency regime for the insurance industry and will continue to do so”.

Back to Index


Similar News to this Story

Car Insurers sharp rise in PPO liabilities after ASHE data
New data from the Office for National Statistics’ Annual Survey of Hours and Earnings (ASHE) reveals a sharper-than-expected increase in care worker p
IPT continues to rise so is it time for a rethink
HRMC data shows that Insurance Premium Tax (IPT) has collected £4.54 billion through the first half of the Financial Year (2025/26). It marks an incre
The changing shape of monthly car insurance payments
New data from Consumer Intelligence shows that while the cost of spreading car insurance payments is falling, fewer insurers are offering the choice

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.