Laurence Townley, Director of Financial Risk and Joint-Chief Actuary at Direct Line Group, has been appointed as the new Chair of the ABI’s Prudential Regulation Committee, taking over from outgoing Chair David Innes, Group Capital and Financial Risk Director at RSA.
The ABI’s Prudential Regulation Committee leads the ABI’s work to influence the development of the prudential regulatory framework that member firms operate in. A key focus for the Committee this year will be securing refinements to the implementation of Solvency II and supporting the development of an effective future regulatory framework in light of Brexit.
Steven Findlay, Assistant Director, Head of Prudential Regulation at the ABI, said:
“I’m delighted to welcome Laurence as Chair of the ABI’s Prudential Regulation Committee. We have a busy agenda, with a range of policy developments in the months and years ahead: The PRA is making some much-needed refinements to its implementation of Solvency II; the EU has several upcoming Solvency II reviews; and the development of the global Insurance Capital Standard continues. Under Laurence’s chairmanship, I’m confident that his leadership and experience will keep the ABI’s work on prudential regulation as member-lead as possible.”
Laurence has been at the Direct Line Group since 2012, where he is responsible for Solvency II and led the delivery of the internal model application process. Laurence is also responsible for the oversight of investment and insurance risk - developing insight through stress and scenario testing. Laurence has been a member of the ABI’s Prudential Regulation Committee since its formation at the start of 2016.
Laurence Townley, Director of Financial Risk for Direct Line Group, commented:
“I’m delighted to be given the opportunity to chair the ABI’s Prudential Regulation Committee. This is an exciting time for UK insurers as we develop sustainable solutions in a world where Solvency II is now the norm, whilst Brexit turbocharges the need for even closer engagement with regulators in ensuring our sector remains a world-leading one. I look forward to working with colleagues on the Committee to achieve positive outcomes for our industry and our customers over the coming months.”
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