LONDON, April 26 (Reuters) – The European Union is to put back by six months the deadline for member countries to enshrine strict new capital requirements for insurers into their law, drawing criticism from the industry over the reduced time available to adapt to the final version of the rules.
The deadline needs to move to June 2013 because the final draft of the so-called Solvency II regime is unlikely to be ready by the end of October, as planned, due to delays in the EU legislative process, the European Commission said on Thursday.
“Against this background, the Commission will present shortly a proposal postponing the transposition of Solvency II to 30 June 2013,” it said in a statement.
The proposal will also confirm that insurers must comply with the new regime by January 2014, the final implementation deadline the industry has been working towards since last year, the Commission said.
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