General Insurance Article - SII start date 'kick in the backside' for industry

 Commenting on the news that an agreement on The Omnibus II directive has been made which includes enhancements to the Solvency II framework as well as an expected start date of January 2016, Kim Durniat, Partner, Barnett Waddingham says:
 
 “It is good to see that Solvency II is back on track and that comprehensive rules have been established which are projected to be manageable for even small and medium sized insurers. Such proposals include the refinement of long term guarantee (LTG) measures, to deal with the volatile and low interest rate environment.

 “This is the kick in the backside that the industry needs to steer Solvency II back to the forefront of insurers’ radar.

 “The proposed LTG measures will encourage a more sustainable UK annuity market, and provide greater financial stability to the sector as a whole. Solvency II is clearly no longer on hold, and the race is on for insurers to be ready by January 2016.”