Same difference?

A picture is slowly emerging of how Solvency II will affect UK-regulated insurers and reinsurers. Their position is different from the rest of Europe as they already have a regime of risk-based regulation. Does this give the UK industry a competitive advantage, or does it just mean another set of hurdles to jump? Mike Wilkinson of EMB discusses the issues that management will have to consider.

Mike Wilkinson leads the risk management consulting team at actuarial and management consultancy firm EMB

There is now much greater clarity around the shape of Solvency II, thanks to a range of official and semi-official publications. These include the draft Directive; the results of QIS 3; various other documents from CEIOPS on a range of questions including risk management and group supervision; and an FSA briefing on the lessons from the ICAS regime.