LONDON (Reuters)—Governments and companies are broadly agreed that Europe's new Solvency II capital rules for insurers should take effect in January 2014, a year later than originally planned, British Financial Secretary to the Treasury Mark Hoban said on Thursday.
"There is a broad consensus in Europe that firms will be required to comply by 2014, with some 'soft' implementation from 2013," Hoban told a conference organised by the Association of British Insurers (ABI).
The Financial Services Authority (FSA), Britain's financial regulator, said in October it would assume a 2014 implementation deadline, but European authorities have not formally changed the start date.
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