Countdown to Solvency II

With less than one year before the EC publishes the final directive, UK insurers must get involved if the UK is to have any influence

London and UK insurance firms are being urged to take part in the country’s preparations for Solvency II, and are warned that without their input, the UK’s chances of influencing the outcome will be limited. Speaking at a briefing organised by the International Underwriting Association (IUA) recently, both the Financial Services Authority (FSA) and the IUA said now is a crucial time to get on board. The first draft of the framework is due to be published in October 2006 with a final, public draft scheduled for February 2007, less than one year away. In addition, Ceiops, of which the FSA is a member, is due to begin the second round of Quantitative Impact Studies (QIS) with the results due in October, in time to feed any findings into the draft consultation.