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ABI and PRA launch webcast at a pivotal time for insurance industrys transition to Solvency II

The Association of British Insurers and Prudential Regulation Authority have today published a webcast for Non-Executive Directors in insurance firms, ahead of Solvency II coming into force on 1st January 2016.

Paul Fisher PRAThe webcast features Paul Fisher (pictured right), Executive Director at the PRA, discussing the Solvency II framework with Huw Evans, the ABI’s Director General.

Covering the importance of Solvency II as a forward looking framework, the webcast discusses the expectations of the Directive and the role of the Non-Executive Director. The PRA and ABI are supporting smaller firms during the implementation phase in order to ensure their capital requirement frameworks are in place and ready for the Solvency II implementation date.

Paul Fisher, Executive Director for Insurance at the PRA said:

"The final implementation of Solvency II on 1 January 2016, will represent a historic moment for European insurers.  To ensure a smooth and successful transition, firms need to maintain the current momentum for the final few months before Solvency II goes live.

"A major milestone will be 1 April 2015, after which firms can formally submit applications for approvals. With this date fast approaching, I hope this webcast will help both set the scene and demystify any concerns non-executive directors may have about their governance role in relation to Solvency II. Over the past year, the PRA has openly communicated its expectations of insurers and remains committed to a constructive dialogue with firms during the coming crucial months."

ABI Director General, Huw Evans, said:

"This is a critical period to get the implementation of Solvency II right. Non-executive directors have an important role to play and I welcome the PRA's efforts to engage with the boardroom. We all need to work closely together over the coming months to ensure the road to implementation is as smooth as possible so insurers can continue to serve their customers and meet their regulatory obligations."

Last updated 01/07/2016