The European Union is
reportedly considering a seven year Solvency II regulatory
‘phase-in’ period for life insurers, according to a report by
Bloomberg.
The proposal will
reportedly be discussed at a meeting in Brussels on 20
June.
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Stephan Kalb, who heads
Fitch Ratings’ insurance ratings team, was quoted as saying that a
seven year transition could buy the life insurance industry time to
solve its struggle with the low interest-rate environment that
reduces the yields insurers earn on their investments.
The implementation of
Solvency II’s sweeping changes across the EU’s 27 member states is
set for 1 January 2014, but whether this deadline will be met is
fraught with uncertainty.
This is because to
facilitate the amendments to the Solvency II directive, the
European Commission (EC) published the Omnibus II directive in
January 2011.
Omnibus II is now the
subject of a trialogue between the European Parliament, the EU
Council of ministers and the EC.
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