Mark Hoban says consensus is 2014 start date

European Commission building Brussels

Treasury secretary Mark Hoban says there is now a broad consensus that 2014 will be the start date for Solvency 2.

“There is a broad consensus in Europe that firms will be required to comply by 2014, with some ‘soft’ implementation from 2013,” he told the Association of British Insurers’ Solvency II conference yesterday.

The FSA said in October it would assume a 2014 start date, but European authorities have not formally changed the start date.

Solvency 2 is currently undergoing a debate over whether to allow ‘volatility dampeners’ so capital requirement rules are relaxed for insurers suffering from deterioration in assets, especially bonds.