General Insurance Article - Charles Garnsworthy of PwC comments on SII agreement

 Today the European Parliament's plenary confirmed the Omnibus II trialogue compromise as agreed in November 2013, in a vote that took place this morning.

 PwC's UK Solvency II leader Charles Garnsworthy comments on the effect to the insurance industry:

 "Today's agreement by the European Parliament clears another hurdle for insurers en route to the 1 January 2016 Solvency II implementation date. Despite being largely expected by many insurers, formal confirmation provides assurance to the industry and clears the way to progress to the more detailed level 2 and level 3 measures. The industry will still be keen to ensure views on important points of detail are taken into account though, and we anticipate key areas of lobbying are likely to include detailed measures around long term guarantees, for example the volatility adjuster, credit allowance and matching adjuster, equivalence and the treatment of certain illiquid assets such as infrastructure."