Further delays to Omnibus II will stall Solvency II progress.....again, says KPMG

Further delays to Omnibus II will stall Solvency ...

Omnibus II suffers further delays with European Parliament announcing they are not due to vote on the final rules until April 2012.

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Press release

• Another blow for insurers. 

• Industry to be in the dark for at least another four months 

An update from the European Parliament this morning has revealed that Omnibus II has been further delayed with the European Parliament not due to vote on the final rules until April 2012. Until this framework is agreed, finalisation of more detailed guidance critical to implementation may be pushed back. 

Janine Hawes, a Director in KPMG’s Solvency II Technical Group, commented: “This is another blow to the insurance industry, significantly shrinking the timeframe between final rules being issued and the industry having to comply. These latest delays mean the industry will be forced to spend another four months in the dark and in many respects defeats the purpose of the 12 month implementation delay."

“Again, insurers are facing looming deadlines without sufficient time to get their heads around the final rules.  Solvency II on its own is a huge undertaking for insurers and the fact that deadlines have kept slipping has further complicated matters. Regulators have been unable to provide certainty and the lack of guidance is a huge problem. The industry has been crying out for clarity on critical technical issues, such as matching and counter cyclical premiums. These latest delays make it seem no one is listening.”   

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Monica Fiumara, Senior PR Manager, KPMG

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About KPMG 

KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with nearly 11,000 partners and staff. The UK firm recorded a turnover of £1.6 billion in the year ended September 2010. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 150 countries and have more than 138,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.

This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.

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