Omnibus II signals lengthy transition to Solvency II

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      <subfield code="a">The Omnibus II Directive (Omnibus II), published by the European Commission, sets out the latest changes proposed for the new European Solvency II regulatory regime for insurers. The most important proposal is for lengthy transitional measures to smooth the changeover from the current regime, Solvency I, it may not be until 2023 that Solvency II takes full effect. The long transition period will give insurance companies more time to adapt to the new rules. Fitch Ratings believes this will reduce the risk of insurers, particularly smaller insurers and niche players, not being able to meet the capital requirements and reporting standards of Solvency II</subfield>
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