The UK supervisor, the Financial Services Authority, has released a discussion paper (DP08/4) with the objective of getting the ball rolling on the preparation of UK insurance firms for the implementation of the European Union Directive on “the taking-up and pursuit of the business of insurance and reinsurance Solvency II)”.
This paper focuses on the key preparation elements of Solvency II with emphasis on what will have to change in UK regulatory requirements and practices and is part of a planned series of documents that include a previous paper released last April together with the UK Treasury, “Enhancing group supervision under Solvency II”. The FSA is inviting feedback to this recent paper by the end of this December and will publish all responses by March 2009.
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