Local regulators grapple with Solvency II implementation

National European regulators are moving forward with Solvency II implementation at varying speeds. With Omnibus II still to be finalised, the uncertainties over the rules are creating additional pressures for local regulators. Thomas Whittaker examines the challenges for regulators and what this means for insurers

The past month has brought further uncertainty to the insurance market with further delays to the finalisation of the Omnibus II directive.

The European Parliament’s Economic and Monetary Affairs Committee (Econ) has delayed a crucial vote on the Omnibus II directive for two months – the second time this vote has been postponed – which could lead to delays to the finalisation of the rest of the regime.

Despite the slow progress at European level, local regulators are pushing ahead with their