Tuesday, 6 November 2012

Solvency II compliance ahead of "Go-Live" date - over to you, regulators

Judging by the rather resigned tones around the achievability of Solvency II "go-live" by 2014 (CBoI recently joining the FSA) and 2015 (here and here), there appears to be a growing swell of support for implementing some of the less wobbly bits sooner rather than later.

While it's unlikely that there will be more spurious adoptions than a Madonna safari trip, it is interesting to see what we can point at to-date;

UK - ICA+ regime, which lends itself, subject to the quality of the ICA-to-SCR reconciliation, to implementation from as early as year-end 2013, though one suspects 2014 is a safer bet.

Germany - Cheeky bit of Pillar II, judging by Bafin's (indirectly quoted) comments on Reuters today, although what "some risk controls" actually means is another thing!

Ireland - via the sterling work on PRISM, fitness and probity and corporate governance, it's hard to argue where they are not already Pillar II Solvency II-equivalent (at least in word, if not in deed!)

France - reference to compulsory submissions to the ACP in XBRL by Q1 2014 at the bottom of this doc, apparently confirmed at a recent soiree.

So we could very well have 3 Pillar coverage by 2014, just randomly spread out over multiple countries...

Any more for any more?

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