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LONDON--The International Underwriting Association has launched a website to inform nonlife insurers about the impact of Solvency II, the planned new capital regime for insurers in the European Union.Solvency II is expected to be introduced in about 2010 and is expected to encourage insurers to base their capital on risk assessment models.
The website, www.solvencyii.co.uk, outlines the background of the Solvency II rules, including the major changes between current systems and the new regime, the IUA said in a statement.
"The introduction of new solvency rules represents a real chance for the industry to help shape a much more effective regulatory system that allows more efficient use of capital and better risk management," said Pam Byrnes, director of financial and compliance services at the IUA said in the statement. "But in order to make sure we get the best system possible, the industry needs to be fully involved throughout the development process," she added.