General Insurance Article - Deloitte comment on SII announcement

 The European Union has agreed the final measures of the Solvency II framework. Deloitte says the decision will provide insurers with much-needed clarity.

 Rick Lester, lead Solvency II partner at Deloitte, said:

 “Agreement at the meeting between the European Parliament, European Committee and European Council paves the way for implementation of Solvency II from 1 January 2016 and provides insurers with much-needed clarity on timelines.

 “Deloitte’s research indicates that the shifting nature and uncertainty surrounding insurance regulation generally has made it harder for European insurers to make decisions and plan their businesses.

 “Some insurers have slowed down their Solvency II preparations pending this clarification. This agreement will now be a catalyst for them to speed up their implementation plans.

 “UK insurers have generally made good progress towards meeting Solvency II requirements, particularly in relation to the modelling and system of governance, but more work is needed to comply with reporting requirements.”