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Government agrees Solvency II should apply from 1 Jan 2016

The House of Commons European Scrutiny Committee has published a report which includes the Government’s views on the proposed Regulation to amend the transposition date of Solvency II to 31 January 2015 and set new repeal date for Solvency II of 1 January 2016. The Government is in favour of the proposed changes to the dates in the Solvency II Directive as the current dates are not achievable, although it notes that further delays to the Solvency II timeframe would be an undesirable outcome for firms in the insurance industry which would incur significantly increased costs. 

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