14/7/2009
By Francesca Fabrizi
The European Commission has appointed Deloitte to assist in its research in relation to the impact of Solvency II.
The professional services firm, which has a dedicated Solvency II team of more than 50, will conduct a study assessing the likely impact of the directive on insurance markets and products, to include social and economic impacts; the likely impact on insurers' balance sheets; and business behaviours of the potential policy options being considered.
The report is expected to be completed Q1 of next year.
Commenting on the appointment, Andrew Power, partner at the firm, said: "Solvency II is expected to have a significant impact on insurers across the EU. The market impact assessment will be an important component in understanding how the insurance landscape might evolve across the member states and the impact of various policy options."
Solvency II is the new solvency regime for all EU insurers and reinsurers, which also covers the insurance operation of bancassurers. Due to come into effect in 2012, Solvency II aims to implement solvency requirements that better reflect the risks that companies face and deliver a supervisory system that is consistent across all member states.
Last week, CEIOPS, the Committee of European Insurance and Occupational Pensions Supervisors, released for consultation its second set of Advice on Solvency II - Level 2 implementing measures.
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