CEA slams Omnibus II timeframe
Tuesday 3 May 2011 - by Nicola York
The European insurance and reinsurance federation has slammed the timeframe for adoption of Omnibus II saying that "prolonged political negotiations" will impact the implementation of the directive.
The CEA says that while it supports entry into force of Solvency II by 1 January 2013, transitional provisions are necessary to allow for a smooth changeover from Solvency I to Solvency II. It says it is important to clearly distinguish between a transitional period and an actual delay to the Solvency II project.
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