Solvency II: EU Internal Markets Commissioner proposes deferral and urges participation in QIS5

At a public hearing on Solvency II in Brussels this month, Michel Barnier, Member of the European Commission responsible for the Internal Market and Services, urged insurers to give their opinions on the calibration of Solvency II by taking part in Quantitative Impact Study (QIS5).  He also proposed deferral of the implementation of the Directive:  “As very few insurers end their financial year on 31 October, I wish to propose deferring the date of entry into force of the Directive from 31 October 2012 to 31 December 2012 to bring it into line with the date on which the accounts of most European insurance undertakings are closed. I will take the opportunity provided by the Omnibus 2 Directive to introduce this change.”

Read Mr Barnier’s speech here