It is believed the possible postponement is due to differences of opinion between Member States over the final shape of Solvency II. The spokesman for Mr Barnier said the commissioner suggested a final agreement on the design of the capital adequacy regime should wait until the latest impact study into Solvency II is completed in March 2013.
Rob Stavrou, Director of Consultancy at Northdoor, an IT specialist company that services the insurance sector, confirmed both the potential delay and its reasons. He said insurers would welcome the move should it come to fruition. But he stressed that insurers cannot be left wondering forever about when Solvency II will kick in. "Last night, the European commissioner proposed a further delay for Solvency II requirements-from 2014 to 2015. The delay is to allow for a new study into the impact of the new rules, expected to be delivered in March 2013. Insurers should certainly welcome such a study, which aims to shed more light on the end-state of the regulatory process", he said.
"However, firms are looking for clear guidelines and Directives from regulators so they can act and plan accordingly. Constant delays - and it is safe to say more can be expected - make complicated implementation and compliance procedures even harder to adhere to", he added.
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