UK industry asks European Commission for certainty on Solvency II transition

Omnibus II prompts criticism from the insurance industry that lacks clarity


The draft Omnibus II directive has created uncertainty over the extent to which transitional measures for the implementation of Solvency II will be used, according to leading figures from the UK insurance industry.

The directive, published by the European Commission (EC) in January a month behind schedule, proposes to give powers to the EC to delay the enforcement of own-funds, valuation of technical provisions and meeting the Solvency Capital Requirement (SCR) regulation for up to ten years

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