The Financial Services Authority (FSA) has said they are exploring how they can permit insurers to adopt Solvency II requirements once they are transposed into national legislation in early 2013, for their Pillar 2 reporting, whilst noting that there may be some additional ICAS requirements that may still need to be met.
Commenting, Jim Bichard, insurance partner at PwC, says: “The FSA has given some hope to firms fearful of having to satisfy dual supervisory regimes in the run-up to Solvency II. The FSA has clearly listened to the industry’s concerns that an enforced delay to 2014 would mean many insurers would have to produce data and information on both an ICAS and Solvency II basis in 2013.
“Resources for Solvency II are already under significant strain and the FSA’s announcement will give firms the confidence to push ahead with their Solvency II implementation plans.
"The sooner insurers are able to transition from planning to implementation, the sooner companies will be able to run their businesses on a Solvency II basis and the more competitive and reputational advantages they will gain. A huge amount remains to be done, both by regulators and by insurers, but there is at least now a clearer path to implementation.”
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