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Our preference would have been to accelerate the legislative process rather than the blanket deferral that has now been announced, and it is difficult to see how these firms will get the benefit of their early progress. There is likely to be confusion about what regulators will expect to see in the "implementation plan providing evidence of the progress made" that re insurers will be required to submit by 1 July We have previously expressed our concern at the speed with which the implementing technical measures are being prepared.

Without the certainty that the Level 1 text is finally fixed, the Level 2 and Level 3 requirements run the risk of further changes. The time has definitely come to clarify the remaining issues, get certainty on the remaining transitional measures and allow everyone to progress against a stable future regime.

Solvency II - KPMG Singapore

For those with in-house models, it will be almost farcical as no Regulator will ever give more than conditional approval to an own-company model. How can they manage the additional capital requirements of the Greek economy as additional capital would not be easily found throughout Europe. So, a UK group supposed to implement in with a subsidiary in Germany that is not meant to implement until means their consolidated reporting will be a challenge in that interim year.

However, the proposed timeframe appears to imply that the start of both the internal model approval process IMAP and the process for supervisory approval of own funds will now be postponed until 1 July - a delay which will likely be met with concern from companies already progressing down this path.

Due to the timing of these releases, it is unclear whether they were written with this text in mind. However, such a delay could affect the balance between consultancy support, contract resource and permanent staff deployed by European insurers for Solvency II projects. Our advice to companies: Be decisive and positive in your Solvency II appointments.

Our advice to candidates: Find a role that will give you the maximum opportunity to learn and influence during this key period for the insurance industry. Financial Services Authority Omnibus II update - 24 June As part of the ongoing negotiations in Europe at Council level, discussions have taken place on whether general transitional provisions are needed to delay the implementation of the new regime. This is in light of the challenging timelines and the need to ensure sufficient time is given for all supervisory processes to be in place when the regime is implemented.

In this context, several proposals have been discussed under the Hungarian Presidency, in particular: 1.

Mitarbeiter

Bifurcation of the Directive. Derogation of the SCR for one year from 1 January Request inspection copy. Part I. Chapter 1.

Introduction p. Chapter 2. Insurance Solvency p.

Institute and Faculty of Actuaries

Part II. Solvency II: Regulatory Framework.


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