Insurers get an extra year to comply with Solvency II

The date by which UK firms must now comply with SII is 1 January 2014 rather than 2013, the regulator said. Domestic regulators and the European Insurance and Occupational Pension Authority (EIOPA) will still assume their SII responsibilities from 1 January 2013. The measure is a compromise between European regulators keen to move quickly on SII, which will require insurers to have similar capital adequacy levels to banks, and UK insurers resistant to the change. "We have developed an approach that balances what we need to do to discharge our regulatory obligations and bring in the...