General Insurance Article - Lloyd's defers submission of Solvency II internal model

 Lloyd's financial director Luke Savage has said in a letter to the market that Lloyd's will defer its submission of its Solvency II internal model from April to July.

 He stresses that "I don’t expect that the revised timing of our submission to the FSA will have any material effect on the timetable for preparations in the Lloyd’s market, either at managing agent or Corporation level.
 Our programme for 2012 remains unchanged in all other respects. The additional three months will give both Managing Agents and Lloyd’s time to complete any outstanding work in accordance with the original timetable as part of a transition to “business as usual” for 2013. This should make the FSA’s review of our submission more efficient and straightforward."