Preparing for Solvency II

Lloyd’s has been working on Solvency II implementation for some time. Solvency II, like the existing EU insurance supervisory regime, will apply to Lloyd’s – described as “the association of underwriters known as Lloyd’s” – as a single entity. Lloyd’s has been monitoring the development of Solvency II for several years and its staff have had numerous meetings with those involved in the legislative process, to ensure that the interests of its members are protected.

Timeline

Solvency II timeframe

Quantitative Impact Studies QIS5

The Quantitative Impact Studies are intended to assist with the design of the detailed financial requirements with which insurers must comply under Solvency II


Gap analysis

On 1 April 2009, Lloyd’s published Guidance Notes on Gap Analysis as well as a Gap Analysis template.

Internal_models

Summary of key points in the Solvency II Directive


FSA discussion paper 08/4 - Internal models

Use and approval of internal models for Solvency II

FSA discussion paper 08/4 - Recommended actions

The FSA's recommended actions for insurers to take


Lloyd's, the FSA and internal models

How Lloyd's and the FSA are working on Lloyd's internal model

Quantitative Impact Studies QIS4

QIS4 April- July 2008