KPMG reacts positively to final Solvency II guidelines

Several key officials working for major professional services firm KPMG recently announced that they are happy with the final guidelines for Solvency II that were released by European Insurance and Occupational Pensions Authority, as well as with the changes that have been made to the regulatory regime.

"We are pleased that EIOPA has taken on board industry feedback and modified its proposals slightly," Peter Ott, KPMG European head of Solvency II, told Post Magazine in reference to the input that was made during the public consultation period. "However, the parallel running of current and future regulatory systems will still cause resource constraints."

He made this statement after EIOPA released the final provisions for the regime, and indicated that it will have an implementation deadline of January 1, 2014, according to The Actuary. The organization indicated that before the date approaches, it will release the final guidelines for the regime in all the different languages of the European Union on October 31.

Now that the regulations have been finalized at the regional level, the National Competent Authorities will have the ability to alter the Solvency II regulatory regime as they see fit, the media outlet reported. These organizations, which operate at the level of individual countries, will be responsible for making sure that market participants comply with the new regulations.

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