ABI comment on Solvency II QIS 5 results released today
Peter Vipond, Director of Financial Regulation & Taxation, 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.”
– Ends-
Erfan Hussain
Media Relations
ABI (Association of British Insurers)
t: 020 7216 7411
m: 07712 841 184
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