Insurance unit head says firms have until the end of 2015 to develop solvency models
Insurers have been given more time by the Financial Services Authority (FSA) to prepare for Solvency II in anticipation of further delays to its implementation.
Solvency II had been scheduled for implementation on 1 January 2014, but the vote on Omnibus II - a package of key changes to the directive - has been put back to March 2013, meaning implementation may be delayed by up to two years.
The head of the FSA’s insurance unit Julian Adams said firms will have until the end of 2015, rather than 2013 as planned, to develop models to calculate their capital requirements, according to a report by City AM.
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