FSA Expects UK Insurers To Meet Solvency II Requirements
June 22 2011 - 12:57PM
Dow Jones News
The head of the U.K. Financial Services Authority said Wednesday
that the regulator expects the country's insurers to meet the
requirements of the Solvency II capital regime to be implemented
across Europe in 2013.
"We expect the firms to be ready. Until the [European]
Commission changes the deadline, we continue expect the firms to be
ready before the deadline," FSA Chief Executive Hector Sants told a
conference of the Association of British Insurers.
Sants also appeared to suggest that the government may give
concessions to firms that would have difficulty in meeting the
requirements.
"We won't say anything more than that. But I'll draw your
attention to the fact that in previous directives, we have always
been pragmatic and careful in how we respond to somebody not being
ready for a legitimate and understandable reason," Sants said.
"I know that's slightly ambiguous," he said without
elaborating.
-By Vladimir Guevarra, Dow Jones Newswires. Tel. +44 (0)
2078429486, vladimir.guevarra@dowjones.com
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