General Insurance Article - Deloitte comment on Solvency II deal

 The European Parliament has approved the Omnibus II Directive that completes the Solvency II Directive and finalises the new risk-based regulatory framework for insurers.

 Deloitte says European insurers can now start finalising plans to implement the rules on 1st January 2016.

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

 “The European Parliament’s vote is a key step in the long process of implementing the regulations on 1 January 2016. Insurers have generally made good process meeting the new requirements and while there is further work on the detailed implementing rules, insurers will be relieved that the deadline for implementation has been clarified and there is an agreed basis from which to proceed.

 “European insurers have been dealing with a volume of new regulations that has not been seen for decades, and we calculate complying with the new regulations costs more than €4bn a year. Further delays to the rules would have made it harder for insurers to effectively plan and manage their business.”