The FSA released its second consultation paper on Solvency II transposition (click here to view) on 11 July 2012. This consultation paper also contains feedback in relation to the FSA's first consultation paper (from November 2011). To read our briefing note please click here.
This consultation paper is most relevant to participants in the Lloyd's market and to insurers with long-term (specifically, with-profits) business. There are also some developments of interest more generally. The main one is that the FSA proposes a two-year transition period during which capital add-ons and mandatory undertaking-specific parameters need not be disclosed in a firm's Solvency and Financial Condition Report (which is a new annual public report that will be required of all firms under Solvency II).
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The original publication date for this article was 13/07/2012.
