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EC appoints Deloitte for Solvency II impact work

Deloitte has today announced that it has been appointed by the European Commission to provide support in the development of the Solvency II level two impact assessment.

Deloitte will conduct a study on the likely impact on insurance markets and products and social and economic impacts. It will also assess the impact on insurers’ balance sheets and business behaviour of the potential policy options being considered.

The scope of the work will cover four key product lines including mass risks insurance, long term savings and retirement products, health insurance and business to business insurance.

Deloitte lead partner on the UK Solvency II team Rick Lester says: “This is a great win for our Solvency II practice and we are delighted to be working with the European Commission on this important assessment. As further deadlines in the Solvency II timetable approach we are pleased to be at the heart of the developments advising the Commission on how the market will be impacted.”

Deloitte insurance partner Andrew Power adds: “Solvency II is expected to have a significant impact on insurers across the EU. The market impact assessment will be an important component in understanding how the insurance landscape might evolve across the member states and the impact of various policy options. We are looking forward to consulting with the various stakeholders and to assisting the EU Commission.”

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