Speech by Julian Adams at the Insurance Day Summit

I know that today is about the changing regulatory environment more generally, both internationally and here in the UK, and I’m sure that the panel session which I’m due to join immediately after the break won’t be short of material to cover. Right now, though, I want to spend my limited time with you covering one important driver of both domestic and international regulation, namely Solvency II.

First, I want to set out again the journey towards model approval from where we are now to the implementation of Solvency II; and second, I want to give you some specific feedback on some of the issues we have seen in the course of our work to date in order to help firms prepare for their interaction with us in these areas.

Model approval process

Firms will shortly start to move from the phase of our process called ‘pre-application’ to the submission phase. The submission phase shadows to the maximum extent possible what a final application will look like, recognising that, first, we do not yet have the legal power to accept an application under Solvency II or make a decision in relation to it, and, second, that the policy position in some areas is not completely settled and we are working...Read More