European Parliament enacts Omnibus II – Guideline

The Actuarial Association of Europe issued the following press release today:

Brussels, 11 March 2014: Today the European Parliament enacted the Omnibus II – Guideline.

The AAE welcomes another important milestone on the way to full implementation of Solvency II between now and 2016. According to the timeline published by EIOPA the whole regulatory framework of Solvency II can now be developed on a stable and reliable basis. A lot of work lies in the months ahead: on finalising important details at Level 2 and more detailed guidance. Solvency II has a major impact on actuaries inside insurers, working in consultancies and also employed by supervisors. The AAE looks forward to continuing involvement with assistance in technical provisions, risk management and capital quantification. The AAE has a particular interest, for the future Solvency II world, in the development of roles of risk management, the actuarial function and the interaction with existing statutory roles at national levels.

Malcolm Campbell, chairperson of the AAE, stated: "This is an important step in the Solvency II project, and we can now focus on how we best contribute to ensure that Solvency II can be implemented by 2016. The AAE has always supported the introduction and contributed to the development of a new risk-based solvency regime for the insurance industry and will continue to do so".