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Member, Beacon International Group, Ltd.
BRUSSELS—The European Parliament will delay its vote on Omnibus II, the directive that will introduce Solvency II in transitional stages, until next April, it announced.
The European Parliament had been slated to vote on Omnibus II late this year. That delay could result in a delay in implementing Solvency II, which is slated to start going into effect on Jan. 1, 2013, according to KPMG L.L.P.
“This is another blow to the insurance industry, significantly shrinking the time frame between final rules being issued and the industry having to comply,” Janine Hawes, a director in KPMG’s Solvency II team in London, said in a statement. “These latest delays mean the industry will be forced to spend another four months in the dark.”