A key European Parliament vote on Solvency II has been delayed, in a move that could prolong uncertainty in the real estate industry over the directive.
The vote on the draft Omnibus II directive, which will amend certain provisions of Solvency II, including the date of its inception, has been pushed back until 20 November. The vote had been scheduled for 22 October.
This will delay EU work on the missing areas of detail in Solvency II regulation.
John Forbes, partner, real estate investment management at PwC, told EGI: “This will delay further the work by the EU on the missing areas of detail of Solvency II regulation, prolonging the uncertainty for the real estate industry. The introduction of Solvency II was earlier this year delayed from 1 January 2013 to 1 January 2014. This delay casts further doubt on the achievability of even the revised target.”
Solvency II is an EU directive that concerns the amount of capital that insurance companies must hold in reserve to lower risks of insolvency.
sophia.furber@estatesgazette.com
