Sovency II compliance to cost 500,000 stg -survey

* Sixty one percent of insurers see costs of 500,000 stg

* Nineteen percent see costs above 1 mln stg

* Deloitte appointed to assess Solvency II impact (Adds detail)

LONDON, July 14 (Reuters) - Most British insurers expect to spend 500,000 pounds ($813,400) complying with new European Union solvency rules, according to a survey by accountants BDO Stoy Hayward.

Sixty one percent of respondents put the cost of complying with the so-called Solvency II regime at half a million pounds, while 19 percent predicted costs in excess of 1 million pounds, BDO Stoy Hayward said on Tuesday.

Solvency II, scheduled to come into force in October 2012, will oblige insurers across the EU to match their capital reserves more closely to the level of insurance and investment risk they take on.

"Our advice is to begin preparation now to ensure that the right decisions are made for their businesses and that the deadlines can be met," said BDO Stoy Hayward Insurance specialist Kirstie Gordon.

Separately, accountants Deloitte on Tuesday said they had been appointed by the European Commission to assess the impact of the switch to Solvency II, including the effect on insurers' finances.

Deloitte said it will complete the assessment in the first quarter of 2010. (Reporting by Myles Neligan; Editing by Rupert Winchester)