The Council of the European Union has proposed to delay the implementation of Solvency II until 1 January 2014, a year later than planned.
Under the proposals, Solvency II's legal requirements will need to be transposed into national law by 31 March 2013. The elements of the directive regarding supervisory approvals would apply from 1 July 2013, but any approvals granted would not take effect before 1 January 2014. This means insurers would be able to receive formal regulatory approval in respect of these items in the second half of 2013 prior to the new rules going live. By 1 July 2013, insurers would need to provide a detailed implementation plan showing evidence of their progress towards the application of Solvency...
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