Solvency II’s 1 January 2013
deadline should be extended by a year, believe 60% of delegates
from European insurers who recently attended a conference organised
by reinsurance broking company Aon Benfield. Only 31% of the
delegates did not want to see the starting date delayed and are
working towards the January 2013 deadline. The remaining 9% thought
“maybe” the regime should be delayed.

Aon Benfield pointed out that
in any event a delay to the current deadline may emerge because
Omnibus II, which modifies the original directive of Solvency II
published in April 2009, must firstly be passed into legislation
before the European Commission can formally adopt the regime’s
implementing measures and implementing guidance.

In addition, all of these
components have to be passed into legislation following the
required consultation periods ahead of Solvency II.