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Solvency II should be delayed until 2014, says European Parliament

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The Committee of Economic and Monetary Affairs of the European Parliament has released its draft report on Omnibus II with the proposal that the full requirements of Solvency II should not be implemented until 1 January 2014.

Paul Clarke, global Solvency II leader at accountants PwC, said the move was a positive development. "It brings us closer to ending the distracting debate over whether there will be a delay," he said.

Mr Clarke stated that despite the delayed start date the reality was that insurers could not afford to be complacent with their plans as they would still be required to file Solvency II information over the course of 2013 to prove their readiness. "This means insurers will need to have the

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