ABI: ICAS update shows UK insurers ready to tackle solvency challenge
Responding to the launch of the FSA’s Insurance Sector Briefing: ICAS (Individual Capital Adequacy Standards) – Lessons learned and looking ahead to Solvency II, Peter Vipond, ABI Director of Financial Regulation and Taxation, said:
“The FSA’s briefing paper will help insurers as they prepare for Solvency II, where they will face a tougher internal model approval process, though one built on the current experience of ICAS. We are working to ensure the UK insurance industry is well placed to receive the full benefits of the Solvency II regime from day one.
“Although Solvency II is not expected to be in place until 2012, our experience with Basel / CRD leads us to believe the effective deadline for developing a Solvency II-ready internal model is likely to be the beginning of 2010. This document is a useful starting place for the work ahead.
“The FSA also recognises the close co-operation and hard work of insurers and the ABI in developing the ICAS regime, which has helped to pioneer the move towards a more principles based approach to regulation.”
Notes for Editors
1. Enquiries to:
Alan Leaman 020 7216 7440 (Mobile: 07957 482 330)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler 020 7216 7415 (Mobile: 07968 364 302)
2. The ABI is the trade association for Britain’s insurance industry. Its nearly 400 member companies provide over 91% of the insurance business in the UK. It represents insurance companies to the Government, and to the regulatory and other agencies, and is an influential voice on public policy and financial services issues. ABI member companies hold up to a sixth of all investments traded on the London Stock Exchange, on behalf of millions of pensioners and savers.
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