General Insurance Article - Deloitte comments on Solv II revised implementation dates

 Alex Arterton, financial services partner at Deloitte, said: “We welcome the FSA’s announcement about the Solvency II implementation dates. It has been widely expected within the industry that the Solvency II regime will only be effective on insurers from 1 January 2014 and now insurers can revise their plans with confidence.

 “UK insurers intending to apply for an Internal Model for use from the go-live date should be helped by the extension to the deadline for Internal Model applications, particularly where the FSA allocates slots based on an insurer’s readiness. It potentially allows early appliers to revisit aspects of their model later in the process as the regulations are finalised.”

 Tamsin Abbey, life actuarial Solvency II partner at Deloitte, said: “While the costs associated with running the Solvency II programme will need to be kept under control given the extended period, it should allow firms to benefit from implementing strategic rather than shorter-term tactical solutions. A further benefit will be the consideration of the emerging IFRS 4 Phase II requirements together with the Solvency II implementation.”