The implementation date for Solvency II looks set to be postponed to allow more time for assessment and agreement on a number of key issues. But the reporting and disclosure requirements are unlikely to see material changes.
It will be important not to lose momentum on the preparations for Pillar 3, especially as some local supervisors are set to require a demonstration of reporting capabilities and significant interim disclosures ahead of the EU-wide launch.
What this paper seeks to do is to outline the issues insurers will need to consider and the next steps towards implementation. We explore the common misconceptions as it is easy to misjudge or under-estimate some of the key strategic and implementation challenges.