European Union regulatory Commissioner Michel Barnier says the Solvency II insurance regulation regime may not be introduced by January 2014 as planned.

He has called for an impact assessment to be completed by next March but says the start date is open to question and implementation should wait until European states and the European Parliament reach agreement.

“That is something we will have to clarify… over the weeks to come,” a spokesman for Mr Barnier said.

Solvency II has been developed over 10 years. It will require insurers to hold higher capital reserves in strict proportion to the risks they cover.

Its introduction has been delayed by disagreements over how cash buffers for life insurance should be calculated; European governments fear this could make their pension commitments more expensive.

“We welcome the postponement because it allows [us] to resolve still-open questions and sufficiently test the effects of any Solvency II rules prior to finalising the directive,” Allianz, Europe’s biggest insurer, said in a statement. “Sound principles and clarity must prevail over readiness.”