Responding to the publication of the QIS5 results, Peter Vipond, director of financial regulation and taxation at the Association of British Insurers (ABI) said: “The QIS5 results are an important part of the design of Solvency II rules. However, we shouldn’t attribute too much weight to the results; it is a test of the system not of companies. The regulators must now work quickly to make amendments to the Level 2 implementing measures in light of the results. We are fast approaching the concluding stages of these and progress on these points must not be protracted.
“There remain a number of outstanding issues in Solvency II, particularly the treatment of some long-term products which carry guarantees for consumers. We need some practical changes to the current rules so these can continue to be written for the benefit of consumers and in a way which is not pro-cyclical”.
“The ABI and its members continue to support Solvency II and its aims and are committed to the 1 January 2013 implementation date. However, the current schedule (in view of Omnibus II) is on a knife edge in terms of what is practically achievable."
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