Solvency II equivalence: uncertainty frustrates model applications

Timetabling of fresh delegated acts on equivalence could overrun insurers' internal model approval start dates

European insurance groups face having to develop multiple Solvency II internal model applications as they await further delegated acts on the equivalence status of third countries.

The clock is ticking for the European Commission to produce a list of non-European countries it deems to be equivalent to the incoming solvency regime in time for groups to factor these in to their models.

Solvency II delegated acts, published on October 10, detailed the process for how firms should incorporate