ABI: UK insurers must keep EU links
Thursday 26 January 2012 - by Karina Whalley
During a speech at the Insurance Institute of London on Thursday, Otto Thoresen said British insurers must keep up with the challenges facing EU insurers while still controlling domestic economic drivers.
The ABI is using a 'Twin Peaks' model for regulatory divisions. The prudential side supervises capital requirements and tax but its focus remains the completion of Solvency II.
Working with the Financial Services Authority, the ABI says there are still some necessary improvements in implementing Solvency II across the UK, including on the calibration of the capital charge for catastrophe risk in the standard formula.
The other regulatory division revolves around conduct and the creation of the Financial Conduct Authority which will become effective by the end of the year and is "another moment of truth" for the UK financial services industry, says Thoresen.
He urged the new FCA's statutory objectives to emphasise effective competition in order to not just protect consumers but to "get the best" for them.
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