An online repository for Solvency II, ERM and Corporate Governance material and comment from the Principal of Governance Matters, an independent Risk Consultancy firm based on the Isle of Man.
Showing posts with label Isle of Man. Show all posts
Showing posts with label Isle of Man. Show all posts
Monday, 25 July 2011
Solvency II Equivalence - Jersey's turn...
Just to complete the crown dependencies set, Jersey have piped up with their view on Solvency II equivalence...namely that they are as enthused as their cousins on Guernsey and my Ellan Vannin, the Isle of Man. Probably more to play for on Guernsey (captives) and the Isle of Man (offshore life), but as there seems to be a general desire in the dependencies for following IAIS ICPs regardless, all three are looking at Solvency II in all but name.
Thursday, 16 June 2011
Equivalence, captives and Solvency II - different strokes...
A subject close to my heart as a Manxman, I keep an eye on equivalence-related material, and this has been a relatively busy week. Guernsey have had a nice soiree in London to emphatically support their captive industry by confirming there would be no Solvency II equivalence sought.
For a captive-heavy country this makes sense - Ireland (who like a bit of captive themselves) have been prominent in catering for some element of proportionality at national level, and at a Solvency II presentation in the Isle of Man (where we are also partial to captives) in November 2010, the locals were equally vociferous on the problems it could cause them, so were delighted to hear that equivalence was not on the agenda.
This contrasts to the Bermudans, who are seemingly happy enough to trod the path to equivalence as early as possible. However, there seems to be a desire for a specific carve-out to put some meat on the bones of the proportionality concept which, at this juncture, is most certainly not a given.
Four captive-loving islands, four different approaches - whoever's approach is ultimately victorious, I hope it is for the right reasons.
For a captive-heavy country this makes sense - Ireland (who like a bit of captive themselves) have been prominent in catering for some element of proportionality at national level, and at a Solvency II presentation in the Isle of Man (where we are also partial to captives) in November 2010, the locals were equally vociferous on the problems it could cause them, so were delighted to hear that equivalence was not on the agenda.
This contrasts to the Bermudans, who are seemingly happy enough to trod the path to equivalence as early as possible. However, there seems to be a desire for a specific carve-out to put some meat on the bones of the proportionality concept which, at this juncture, is most certainly not a given.
Four captive-loving islands, four different approaches - whoever's approach is ultimately victorious, I hope it is for the right reasons.
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