EU could delay new Solvency II rules until 2015: Reuters

The European Union could delay new capital rules for insurers, known as Solvency II, Reuters has reported.

According to one Reuters’ source, Michel Barnier, the EU commissioner in charge of regulation, has suggested delaying the new rules by one year to 2015.

The European Insurance and Occupational Pensions Authority are working to complete a study of the impact of the new rules by March 2013. Barnier has suggested waiting until after that report to come to a final agreement on the rules, according to Reuters.

A spokesperson for the commissioner, however, told Reuters that it was too early to tell whether the original January 2014 should be pushed forward.

Some European insurers, including Allianz, told Reuters it would be better to postpone the rules rather than implementing measures that have to be amended later.

The new Solvency II regime would impose stricter rules on capital reserves for insurers to better regulate the industry.