Almost half of European insurers will not be ready for Solvency II by January 2014, reports Ernst & Young, but given an extra year, 90 percent say they will be ready by Jan. 1, 2015, the date proposed by the European Union.
Out of 160 large insurance companies queried by Ernst & Young's European Solvency II Survey, 70 to 90 percent of British, Dutch, Greek, Polish and Spanish insurers have assessed that they can comply before 2014. However, 60 to 70 percent of Belgian, French, German and Italian insurers say they are not keeping up.
For these less-prepared countries, says Martin Bradley, the surveyor's partner in financial services and global Solvency II lead, the main compliance issue rests atop Pillar Three of the requirements.
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