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ABI says insurers well placed for Solvency II

The FSA’s Individual Capital Adequacy Standards briefing shows UK insurers are well placed to tackle the challenge of Solvency II according to the Association of British Insurers.

ABI director of financial regulation and taxation Peter Vipond says the FSA’s Insurance Sector Briefing ‘ICAS – Lessons learned and looking ahead to Solvency II’ will help insurers prepare for Solvency II, which will see them face a tougher internal model approval process.

Vipond says: “We are working to ensure the UK insurance industry is well placed to receive the full benefits of the Solvency II regime from day one. Although Solvency II is not expected to be in place until 2012, our experience with Basel/CRD leads us to believe the effective deadline for developing a Solvency II-ready internal model is likely to be the beginning of 2010. This document is a useful starting place for the work ahead.”

He says the FSA recognises the close co-operation and hard work of insurers and the ABI in developing the ICAS regime, which has helped the move towards a more principles based approach to regulation.


PBR: Boulger criticises Darling on longer-term fixed rate mortgage re-announcement

John Charcol senior technical manager Ray Boulger says that Alistair Darling’s announcement on providing longer-term fixed rate mortgages is just yet another re-announcement of previous proposals.“Currently 29 lenders offer fixed rate mortgages for 10 years or more but only a relatively small proportion of borrowers actually choose a long term fixed rate. There is therefore […]

State of the markets: UK equity income

Artemis Income Fund manager Nick Shenton discusses the state of the UK equity income market with journalist Alexis Xydias. With the first three months of 2015 showing strong returns for both the Artemis Income Fund and UK markets generally, Nick Shenton discusses the fund’s top contributors – including overseas holdings Novartis and Bayer – and […]


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