Solvency II trilogue discussions conclude – so what happens now?

Earlier today, it was announced that yesterday’s trilogue discussions on the Omnibus II Directive (Omnibus II) had finished in agreement.  The announcement puts to rest recent uncertainty about the future of the Solvency II Directive and sets in train a timetable bringing the new regime into force from the beginning of 2016. Of more immediate concern, a … Read more

PRA proposes clampdown on solvent schemes

The PRA has put down a clear marker that policyholder interests must come first when insurers are looking for ways to return capital to shareholders.  It is particularly concerned that schemes of arrangement used by solvent insurers to achieve an early exit from the market can expose policyholders to a forced commutation of their cover … Read more

Solvency II – “an object lesson in how not to make law”?

Andrew Tyrie MP (Chairman of the Treasury Committee) recently described Solvency II as “an object lesson in how not to make law”.  In similar vein, Andrew Bailey of the PRA has said that Solvency II is “lost in detail” and “vastly expensive”. Draft Guidelines issued by EIOPA in March aim to restore credibility to the … Read more