Thursday, 4 December 2014

Solvency II: The Beginning of the End?

This week I spoke at a client breakfast event organised by Protiviti in London. 

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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