Barnier backs 2014 Solvency II delay
Thursday 17 November 2011 - by Andrew Hickley
Europe's internal market commissioner Michel Barnier has given his first public blessing for the landmark Solvency II directive to be implemented in full from 2014.
However, Barnier did state that the directive would need to be transposed into national law by the beginning of 2013, before being required in full from 2014.
In October, the UK's Financial Services Authority said it was pushing back its planned assumption date for insurers to comply with Solvency II to 2014 instead of 2013.
Barnier also used his speech to back the development of a common framework for supervising internationally active insurance groups, currently being conducted under the umbrella of the International Association of Insurance Supervisors.
The IAIS is also working with the Financial Stability Board to consider whether insurers whose failure could cause financial instability should have to hold extra requirements, such as a capital surcharge.
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