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We will be launching the 2014 SA Insurance Survey on August 7th. Join us ahead of the launch as our insurance partner - @malherbe1, takes questions on the survey in general over a twitterview. Share your questions with @KPMG_SA using #SAInsurancesurvey  

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But, the idea of anti-European parties winning seats in, and sending MEPs to, the European Parliament seems rather contradictory. What are they going to do?

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t has been a very long time coming, but on 22 May 2014 the Solvency II Omnibus II Directive finally made a discrete appearance in the Official Journal of the European Union. Now that the lingering doubts surrounding ‘if’ and ‘when’ have been definitively removed, the practicalities of meeting the implementation deadlines for Solvency II are suddenly in the spotlight, with EIOPA recently publishing the first Q&A regarding the Technical Specifications for the Solvency II Preparatory Phase in addition to an update on the Data Point Model and XBRL Taxonomy.

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Insurers across the EEA are working towards implementing the EIOPA preparatory phase requirements comprising 2014 year end and Q3 2015 for a limited subset of the Solvency II Quantitative Reporting Templates (QRTs). From 2016 other more interesting and technical challenges exist particularly in relation to look-through and firms should ideally be working towards solving that problem now.

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The reality for some insurers may be quite different though. The Quantitative Impact Studies (QIS) implemented by CEIOPS/EIOPA have been carried out by insurers on a “best effort basis”. The main objective of these exercises was to have insurer’s participation and were not audited by Actuaries. But an insurer that doesn’t acknowledge all its costs on standard accounts will probably follow the same procedure on QIS exercises. That is the model or parameter error already in force will be spread to the QIS exercise.

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Milliman Solvency II briefing – Omnibus II provisional agreement
Yesterday’s Omnibus II agreement by European policy-makers clears the way for a 2016 implementation of Solvency II. Milliman’s latest Solvency II briefing outlines the agreement and offers perspective on the current plans for the directive.

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