The European Parliament plenary meeting to consider the Omnibus 2 amendments to the Solvency II directive has been pushed back from 10 June to 22 October 2013.
The Omnibus 2 directive will amend certain provisions of the Solvency II directive, including the implementation date.
The delay will allow for the results of the current study on the impact Solvency II on products with long-term guarantees to be considered and, where applicable, resulting amendments to the legislation to be drafted.
The study was launched in January 2013, with the European Insurance and Occupational Pensions Authority due to provide its findings by 14 June.
The European is expected to draft its own report for co-legislators by 12 July 2013, making it clear that the plenary session would need to be delayed.
Peter Ott, European head of Solvency II at KPMG, said: “Whilst we have been expecting for some time that a delay would be inevitable, it is disappointing that the opportunity has not been taken to provide a clear timetable for the remaining process to make Solvency II a reality.”
“European insurers are ostensibly fatigued by the many delays that have happened throughout the last decade and the discussions whether the directive will ever become a reality in its current form are becoming more intense. A clear timetable is needed on the remaining steps to industry compliance.”
