Today the European Commission has issued the new start dates for Solvency II. The new transposition date will now be 31st January 2015 with Solvency II being applied from 1st January 2016.
The European Commission stated that both dates have been extended ‘one last time’ to make it possible for the supervisory approval procedures for internal models to proceed.
They further state that there should be no further changes in either the transposition dates or application dates during Omnibus II negotiations to provide legal clarity to insurance firms.
This will now allow both insurers and their asset managers put in place a process to address the asset data challenge with more clarity.
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Filed under: insurance regulation, regulation, Solvency II, Uncategorized
