Omnibus II needed to meet Solvency II deadline
German insurer R+V says EC was "lucky" Omnibus II was available to add transitional measures into the impending insurance capital regime
The Omnibus II directive, which provides delaying measures for certain areas of Solvency II, is necessary given the number of capital and accounting requirements potentially affecting insurers by the 2013 implementation deadline, according to a senior figure in Germany's insurance industry.
The Omnibus II was published in January and allows the European Commission to delay the introduction of certain elements of Solvency II, such as own-funds definitions, valuation of technical provisions
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