FSA updates Solvency II implementation in line with Europe

12 October 2011

Following discussions in Europe, the United Kingdom Financial Services Authority (FSA) has decided to split the implementation dates for Solvency II and will only revisit the issue if there is a significant change in the dates after 2014.

The Financial Services Authority (FSA)  has divided the dates for Solvency II. January 1st 2013 remains the date at which the responsibilities of supervisors  would be switched on. February 1st 2014 is when the Solvency II requirements would be switched on for firms.

The FSA expects to receive applications from all Solvency II firms from January 2013. The FSA stresses that it is key for all participants  to remember that the changes made to the timing does not mean a delay of a year, and urges all parties to maintain the momentum and to stay focused  on implementation.

Insurance Newsletter Issue 6

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