Anyone sceptical of the concept of a united Europe won't have found it hard to pick holes in Solvency II. As it seeks to impose the same standards on member states with wildly contrasting insurance practices and structures, tensions over its implementation were inevitable.
With the already-revised official implementation date of 1 January 2014 looming large, dissatisfaction with key proposals has been voiced in a number of European countries, and further delays seem likely. Indeed, there are even fears the project could be scrapped.
Will the final form of Solvency II - designed to harmonise capital adequacy across the continent - look anything like it was initially intended? And when, if ever, will it emerge?