Now that it appears almost certain that the Solvency II deadline will be pushed back to 2014, many in the industry will be breathing a collective sigh of relief. However, Solvency II aside,
there is still much to be done over the next six months, as our timeline shows.
(27th) Managing agents to confirm any processed premiums or paid claims relating to overseas business returns for 2012 and any business not processed through Xchanging, at Lloyd’s (UK)
Aside from its work on Solvency II, EIOPA is also holding stakeholder meetings in October and November, to consult on issues such as regulation and implementing technical standards in addition to the guidelines and recommendations that apply to the insurance and occupational pensions industry.
In October, the UK’s Workplace Retirement Income Commission will report on better ways to provide retirement income for working people who are dependent on workplace saving and the insurance industry’s role in that.
In November, the National Association of Insurance Commissioners will meet in Florida, where delegates will be discussing numerous issues, no doubt including their Solvency Modernisation Initiative.
Back to the issue of Solvency II, although the timeline for the new regime remains uncertain, in February Omnibus II will, it is hoped, be agreed, along with Level 2 delegated acts being adopted.
The Federal Insurance Office to report to Congress by February 2012 on how insurance regulation could be improved and modernised (US)
JANUARY
Omnibus II is due to be adopted and published (EU)
Level 2 delegated acts are due to be adopted once Omnibus II is agreed and published, in regards to Solvency II (EU)
FEBRUARY MARCH NAIC spring meeting (US)
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October 2011 | INTELLIGENT INSURER | 9
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