Clash of the regulators
As the pace of the Solvency II process to reform European insurance supervision quickens, British and French regulators have clashed over the use of market-consistent solvency requirements, to the alarm of proponents of risk-based supervision.
Speaking at the European Insurance Association (CEA) conference in Brussels in November, UK Financial Services Authority chief executive, John Tiner, warned about potential threats to the introduction of market-consistent solvency requirements for insurers. The FSA has been a pioneer in this area, both through its realistic capital requirements and individual capital assessment (ICA) review process. Defenders of the current technical or book value solvency regime in Europe now appear to have
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