General Insurance Article - ABI response to Sam Woods speech at ABI Solvency II event

Commenting on the announcements made by PRA Executive Director, Insurance Supervision, Sam Woods at today’s ABI Solvency II seminar, Director General, Huw Evans said:

 “We welcome the PRA’s announcements on the use of transitional measures and approval of internal models under Solvency II.

 “The transitional measures are a key part of the new regulatory regime and it is reassuring to receive formal confirmation that the PRA will allow the full use of these measures to firms, including for the payment of dividends.

 “We also welcome the PRA’s clarity on the communication of internal model approvals. Regulatory decisions will now be communicated simultaneously to all firms in early December 2015, which is very close to the January 2016 Solvency II starting date. The industry will work closely with the PRA over the coming months to ensure this process can work in practice.”

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