The delay to the Solvency II go-live date from 1 January 2014 to a probable 2015 or 2016 has negative credit implications, according to ratings agency Moody's.
In a sector comment, the agency said that the delay would allow companies struggling to currently meet Solvency II's capital requirements to incur more risk than would be allowed under the new regime.
It will also mean that well advanced market players lose a potential competitive advantage if less sophisticated firms that are...
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