Saturday, May 4, 2013

Solvency II is a lesson in how not to get right, says MP

30 April 2013 |By Newsdesk

PRA also criticizes because of delays to the new regime

The prudential regulation Authority (PRA) chief executive Andrew Bailey (pictured) has criticised Solvency II in a letter to the head of the Treasury Select Committee.

In the letter to Andrew Tyrie said Bailey the progress of the regulations had "ground to a halt" as conflicting national cause delays to the process interests. He also criticised the reforms to "lost in detail and hugely expensive".

Bailey said that insurers and regulators large sums of money preparing for the introduction of Solvency II had spent, but that it "does not bear any promise in the field of when or in what form-it will be implemented".

The head of the new regulatory authority appeals to politicians to investigate the Solvency II process amid further delays the regulations implemented. Bailey said: "it would be a help if Parliament can throw light on a process that has gone on for the best part of 10 years."

In response, Tyrie said that Solvency II was an "object lesson in how not making law" and the Conservative MP said he took "very seriously and want to investigate further in the coming months".

The regulations are not expected to be processed until at least 2016, with the latest delays come from an examination of European Insurance and Occupational Pensions Authority in how consumers life insurance with guaranteed return will be dealt with under the regime of Solvency II.

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Title Post: Solvency II is a lesson in how not to get right, says MP
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Author: Mohammad Zulfi Satriawan

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