European Union officials should establish a more concrete timeline for adopting the Solvency II requirements, European Insurance and Occupational Pensions Authority chairman Gabriel Bernardino stated on February 9, according to Dow Jones Newswires.

In a letter recently sent to Michel Barnier, the European commissioner for internal market and services, the official warned that failing to gain more clarity on a timeline for adopting the rules could cause different nations to instate varying policies, Risk Magazine reports.

The recent decision made by the European Parliament to delay a vote on the Omnibus II Directive will push back the implementation of Solvency II, according to Dow Jones Newswires. The outcome of the vote is crucial to how Solvency II will be implemented.

"Further uncertainties and delays increase the risk of a postponement of Solvency II and in turn the benefits of a risk-based supervision and enhanced risk management that Solvency II will bring," Bernardino stated in a speech he gave at Frankfurt University, the media outlet reports.

Aside from the risk of complications due to regulations that are not uniform, market experts at BNP Paribas have released a study indicating that many European insurers are having a hard time adopting effective risk governance procedures, according to Asset Servicing Times.