Again our friends at InsuranceERM are breaking the story that Omnibus II is being shifted from June 2011 sign-off at parliamentary level to January 2012 (I would add that this is breaking news, and had not been reported elsewhere as yet).
This was already on the cards unofficially but is a seismic change to the timetable - Level 2's cannot be adopted and Level 3's cannot be consulted on publicly before this has gone through, and the timetable for implementation does not officially move until it goes through!
I would like to think otherwise, but this means the opportunity for Pillar 2 and 3 to be considered and debated in an appropriate and inclusive manner is pretty much lost. You guys should feel comfortable dusting off the existing draft L2's and pre-consultation L3's on Pillar 2 and 3 for guidance, as I suspect this is now all about the maths...
An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
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