We are the voice of insurance and long-term savings | Contact us

Steven Findlay reacts to EIOPA’s advice to the European Commission on the Solvency Capital Requirement formula

Responding to Risk Margin recommendations in EIOPA’s second set of advice to the European Commission as part of the current review of Solvency II, Steven Findlay, Head of Prudential Regulation at the ABI, said:

“EIOPA has acknowledged that the Risk Margin needs to be reviewed, but on the very same page has bizarrely concluded to not use this review to do anything about it.

“It’s now time for the PRA to take the action that they’ve promised, in order to address the financial stability risk that this is causing in the UK annuity market and deliver the macroprudential benefits identified by the Bank’s own Financial Policy Committee. We’ve had over two years of words; the time has now come for action.”

Last updated 01/03/2018