As the January 1, 2015 deadline for proposed Solvency II standards approaches, 90 percent of European insurers believe they will be ready to comply, according to new research from Ernst & Young. That is more than double the estimate of insurers (43 percent) that would be ready by January 1, 2014.
However, the majority of insurers are also admitting to struggles with Pillar 3, as well as the push to meet data management requirements. There are also certain regions struggling: 34 percent of German, 17 percent of Italian and 13 percent of Spanish insurers do not think they will be ready to comply until after January 1, 2015.
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