Now the implementation date for Solvency II is known, there is pressure on insurers once more to ensure they are prepared - and on regulators and policymakers to ensure the new rules are ready to be adopted by the 28 EU member states.
The key objectives of Solvency II are improved consumer protection, modernised supervision and greater harmonisation of European supervisory regimes. But with so much variation in terms of capitalisation and sophistication of financial services markets across Europe, the much quoted ‘level playing field' does not look like it is going to happen.
However, there is certainly hope there will be a raising of standards in weaker countries, and in some cases this will come as part of the required preparation work.
Post's article focuses on the implications for insurers.