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LONDON—Lloyd's of London has delayed submitting its internal solvency model to the U.K. Financial Services Authority until July.
Solvency II allows insurers to develop their own solvency capital requirements using an internal model that has received regulatory approval. Solvency II is slated to go into effect in 2014.
“As you will know, Lloyd's is required to make a formal submission to the FSA in order to request supervisory approval for our internal model,” said Luke Savage, Lloyd's director of finance, risk management and operations, in a note sent to the market on Wednesday. “I am writing to inform you that we have agreed with the FSA that we will now make this submission in July, rather than April.”
Mr. Savage said Lloyd's program for 2012 remains unchanged in “all other respects.” He said the “additional three months will give both managing agents and Lloyd's time to complete any outstanding work in accordance with the original timetable as part of a transition to ‘business as usual' for 2013. This should make the FSA's review of our submission more efficient and straightforward.”
He also wrote that he doesn't expect that the revised timing of the submission to the FSA “will have any material effect on the timetable for preparations in the Lloyd's market, either at managing agent or corporation level.”
For in-depth coverage of this topic and related issues, visit our Solution Arc on Solvency II Compliance and Business Challenges for Insurers.