Tuesday, 21 June 2011

ABI Solvency II Newsletter for June - clear words (and nice pictures!)

The ABI have pushed out their June industry newsletter, and it's a beauty. Highlights;
  • Compromise for long-term products appears to be palatable (to the ABI's working group at least). Final proposals in their 'package deal' will be discussed tomorrow at the Commission's Solvency II experts group
  • Clear "that some of the Level 3 guidance will not be available, nor imminent by go-live date
  • This will require regulators to "cede some autonomy" to the industry over implementation techniques
  • Asking for 1 year grace period between presentation of Implementing Technical Standards and actual application (indeed the ABI seems a little anxious on developments in this area)
  • Nice piece on justifying their approach on contract boundaries
  • Some good schematics on legislative timelines and Implementing Technical Standards due dates

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