The ‘beginning
of the end’ is not just a rhetorical question about Solvency II but the challenging issue I had
to address about Solvency II becoming effective on 1 Jan 2016. I spoke about the ‘end
point’ and focused on two issues:
- whether this is the end point we expected from a policy perspective (a measured yes, though it feels more different from the current ICA regime than expected, partly because of the financial crisis), and
- whether insurers are engaging in contingency planning to reflect regulatory uncertainties around the end point that they are targeting.
I suggested
that instead of thinking that this is the ‘beginning of the end’, we consider whether
this is in fact the ‘end of the beginning’ – the implementation. Now the real challenge begins: operating
Solvency II in a BAU environment. I
offered a few suggestions to facilitate that transition; take a look at the
slides.
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