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PRA publishes new Solvency II consultation

The Prudential Regulation Authority (PRA) has published a consultation on what it expects of firms in relation to the European Insurance and Occupational Pensions Authority's (EIOPA) recently published guidelines on preparation for Solvency II.

Hugh Savill, ABI’s Director of Prudential Regulation, said:

“The ABI welcomes the Prudential Regulation Authority’s public consultation on its approach to implementing EIOPA’s guidelines for the preparation of Solvency II.

"The application of the interim measures should be proportionate, reflecting the large amount of money already spent by the industry in preparing for Solvency II. 

"We want to work closely and constructively with the regulator during the interim period, especially as further details on the final rules are needed before insurers are able to fully prepare.

"Despite the introduction of the interim measures, insurers still require sufficient lead-in time between finalisation of the full Solvency II rulebook and implementation.”

Read the consultation 'Solvency II: applying EIOPA's preparatory guidelines to PRA-authorised firms - CP 9/13' on the PRA website. 

ABI conferenceThe ABI’s forthcoming Solvency II Conference – ‘Looking to the Future’ – is being held on 31st October and presents a timely opportunity to discuss a number of important issues, such as the interim measures, in more detail. The event will bring together insurers, regulators and politicians, including the recently-appointed new Financial Secretary to the Treasury Sajid Javid MP as one of the keynote speakers. The Conference’s various discussion themes will consider what actions are needed to ensure the successful completion and implementation of Solvency II for UK insurers and their customers. Find out more and register.

Read Hugh Savill's latest blog: Solvency II: a multi-limbed creature.

Last updated 01/07/2016