UK insurers seek 2013 start for Solvency II
Insurers are pressing the FSA to push ahead with some parts of Solvency II at the start of 2013 despite the likelihood that the rules will be delayed until 2014, according to the Financial Times.
The FT suggests the FSA is expected to agree to the request this week after discussions between the regulator, the ABI and Lloyd’s of London.
Insurers had raised concerns about the costs of running two different capital assessment models in parallel in 2013.
The European Council supports the European economic and monetary affairs committee’s recommendation for a delay, making it likely the rules will now be implemented across Europe in January 2014, one year later than planned.
Lloyd’s general counsel Sean McGovern says the market did not want a delay and was confident it would be ready for a 2013 start.
He told the paper: ”Given the significant time and money invested in building our internal model we just want to get on and use it, not mothball it for a year.”