Solvency II – Pillar 3 reporting is in focus
The EU parliament finally approved the Omnibus II Directive on March 11 2014, which effectively brings Solvency II into force from January 2016. Many insurers slowed down their Solvency II programmes when there was uncertainty over the final implementation date.
Pillar 3 reporting now requires focus because it was often put on hold during the uncertainty and insurers must react and make progress on Pillar 3 reporting.
Most insurers have Q3 2015 targets to hit EIOPA guidelines but larger insurers and the Lloyds of London market (dry-run required for Q3 2014) have accelerated deadlines. It is clear that 2014 is the time to work on Pillar 3 ahead of full implementation next year.