The European Parliament (EP) recently announced that it was postponing its plenary vote on the Solvency II requirements for insurers once again, and this event prompted global financial services firm KPMG to provide comments lamenting the delay, according to a statement.
The Post Online reports that while the lawmaking body did not provide market participants with any detail as to why it chose to once again push back the vote, the move might prove beneficial by giving EP members the ability to harness the findings of the Solvency II impact study.
Peter Ott, European head of Solvency II at KPMG, said in the statement that it is "disappointing" that there is significant uncertainty surrounding the timeline for implementing the rules for insurers.
"European insurers are ostensibly fatigued by the many delays that have happened throughout the last decade and the discussions whether the Directive will ever become a reality in its current form are becoming more intense," he stated. "A clear timetable is needed on the remaining steps to industry compliance."
The European Insurance and Occupational Pensions Authority has been given a deadline of June 14 for presenting the results of the Solvency II impact study to the members of the trialogue.
◦ Asset Liability Management
◦ Portfolio Risk
◦ Sensitivities & Hedging
◦ Stress Testing & Scenario Analysis