EC’s Barnier proposes pushing Solvency II adoption date to 2016

European Commissioner Michel Barnier recently proposed pushing back the implementation date for Solvency II to January 1, 2016.

The government official provided a draft proposal on this key regulatory regime that would push back the adoption of its key guidelines until this time. Solvency II was designed to help manage the risk of insurance firms in the European Union by providing them with a more stringent set of guidelines to follow.

Barnier noted in a statement that he suggested the new time frame even though he has been an ardent advocate of speeding up the implementation of these key regulations for insurance firms in the region. He stated that he spoke with both the European Parliament and the European Council before proposing the new schedule for adopting Solvency II.

"The Solvency II Directive, already adopted, creates a modern and risk-based prudential regime for insurance and reinsurance undertakings," he said in the statement. "National regulatory regimes for insurance, which vary greatly, are no longer able to guarantee an efficient internal market and prevent possible future crises."

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