The UK insurance industry is urging the FSA to push ahead with some parts of the Solvency II regime at the start of 2013, despite the fact the rest of the continent is likely to delay until 2014.
The FSA is expected to agree to the industry's request this week after discussions with the Association of British Insurers and the Lloyd's of London insurance market, the Financial Times reports. The aim is to stop UK insurers having to run their old capital assessment models alongside the new models developed for the incoming Solvency II regime, when they perform their triennial Individual Capital Adequacy Standards assessment in 2013. This is a regulatory task unique to the UK. Solvency II was supposed to come into force at the end of next year but is now likely to be pushed back t...
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