ABI concerned about regulator’s approach to latest Solvency II advice

09 February 2010

Responding to CEIOPS’ third and final set of advice on Solvency II implementing measures, Peter Vipond, said: “concerns are about the continuing overtly cautious approach of regulators, whose desire for firms to hold extra capital is a step change from the original and welcome objective”.

Responding to CEIOPS third and final set of advice on Solvency II implementing measures, Peter Vipond, Director of Financial Regulation at the ABI, said:

“We are concerned about the continuing overtly cautious approach of regulators, whose desire for firms to hold extra capital is a step change from the original, and welcome, aims of Solvency II.  It is excessive and fails to recognise both the strength of the life and general insurance industries, and how insurers work. “Solvency II has the potential to provide many benefits to consumers and insurers, but, more work on its development is required.  We will continue to work with the Commission and other stakeholders to find a suitable solution to these issues.”

Press release

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