Approximately 40 % of the larger European insurers consider that they will not be ready for the passage for the new regulatory framework of the sector Solvency II, planned for January 2013, according to a survey published on Tuesday by the consulting firm PricewaterhouseCoopers.
If the main lines of the project are known, the measures of application will be known definitively only in November 2011. This new regulatory framework aims at putting in adequacy the need of stockholders’ equity with the risk profile of the insurer.
According to the study, led with 106 European insurance companies among 22 countries, 53 % of the questioned insurers declared not to have yet launched a program of preparation to Solvency II.
While they regularly were object to severe critics, the rules of Solvency II “are favorably welcomed” by 80 % of the pooled insurers.