Reporting and fragmentation worry as insurers grapple with Solvency II interim guidelines
Solvency II is on its way to a rolling start after national supervisors pledged to adopt Eiopa’s interim guidelines as their own. Reporting requirements are the main concern for insurers, which are hastily rebooting their compliance programmes. But large pan-European groups are also alert to the implications of regulatory fragmentation in the run-up to full implementation of the rules in 2016.
This time last year, many European insurers were scaling back their Solvency II programmes, as the tortuous political negotiations in Europe threatened to delay – or possibly even derail – the new regime.
Fast-forward a year and the situation today could not be more different. With an agreement reached on the draft text of the Omnibus II directive, the Solvency II project looks to be back on track. And insurers have not just been rebooting their programmes, they are entering a race against the
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