Solvency II Delays - PwC comments

In response to potential Solvency II delays, Paul Clarke, PwC's global Solvency II leader, said:

"With trilogue for resolving Omnibus 2 starting again in Brussels this week and rumours of a delay to 2015, insurers are waiting for more detail to judge the full impact on the market at this stage and ascertain whether there will in fact be any requirements from 2014.

"Rumours of a potential delay mean that some insurers may be frustrated with the lack of progress given how much they have invested, whilst others will welcome the additional time which will presumably be used to further test the new calibrations on the market. There could however be a negative outcome on the international stage in terms of the world watching the EU and the equivalence programme."