European Commission attempts to ensure a smooth transition to new capital rules for insurers look set to delay the regime’s introduction by up to 12 months, prompting industry concern about extra costs and uncertainty.
The rules, known as Solvency II, are supposed to be implemented on January 1 2013, but concerns over the preparedness of some countries and regulators as well as parts of the industry itself mean that they are not now expected to be properly introduced until the start of 2014, according to people familiar with the process.
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