QBE is among four managing agents to be given a “green light” under the traffic light system Lloyd’s is using to measure progress on Solvency II.

UK publication Insurance Insider says QBE has joined Amlin, Liberty and Kiln as the Lloyd’s operations most advanced with their Solvency II readiness.

Solvency II is a European Union (EU) legislative program to be implemented in all 27 European member states. It introduces a new, harmonised EU-wide insurance regulatory regime which includes new capital requirements.

Solvency II was to be implemented by January 1 2013 but the EU recently delayed the implementation deadline to January 1 2014.

But Lloyd’s is keen to begin implementing the Solvency II regime from 2013, and has applied for approval to begin working within the new standards earlier.

QBE could not comment by the insuranceNEWS.com.au deadline, while Lloyd’s says it cannot discuss the status of individual managing agents.