It's full steam ahead to implementation of Solvency II in 2012 but questions remain about how this will affect the special status of Lloyd's of London. Helen Yates reports.
The tortuous approval process is nearly over
The high-level group sets out the lessons it draws from the financial crisis
Being both CRO and chief actuary gives him a stronger grip on the firm's risk management than most of his peers. He describes his role and his approach to Jessica Baylis.
CEIOPS produced a veritable library of material on 26 March: 12 papers covering internal models, governance systems, technical provisions, valuation of assets and many other issues. These papers form the first set of draft formal advice on Solvency II level 2 implementing measures for consultation. Watson Wyatt guides us through them.
For firms preparing for Solvency II, there's no let-up. If they thought modelling issues were one of the most challenging aspects of the directive, they're now beginning to worry seriously about another part of Solvency II, the own risk and solvency assessment (ORSA). There has been little information and little guidance from the authorities on ORSA and that has only fuelled concern about how much of a burden it will create for firms complying with it.
They form the first stage of the Level 2 implementing measures
The path to final approval becomes much clearer
But group support is at least several years away
The trialogue seems to have hammered out a deal of sorts