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.”

Back to Index


Similar News to this Story

US insurers leading the AI arms race
New research from leading Insurtech provider, hyperexponential (hx), reveals that while insurers are energised by the potential of artificial intellig
Hurricanes and earthquakes could lead to USD300bn losses
Following the long-term annual growth trend of 5–7%, global insured natural catastrophe losses may reach USD 145 billion in 2025, mainly driven by sec
FCA set to launch live AI testing service
The FCA is seeking views from firms about how its live AI testing service can help them to deploy safe and responsible AI, which will benefit UK consu

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.