CROs make Solvency II plea
Members of the Chief Risk Officer (CRO) Forum used an address at Life and Pensions' December 2005 Insurance Risk conference to call for significant improvements to the Solvency II regime that the EU is expected to implement before the end of the decade.
They called for the exclusion of prudential margins from company's technical provisions and the acknowledgement of the diversification benefit that large firms achieve, by the EU's financial supervisors, to enable the European insurance market to run efficiently.
"We believe we are at a critical juncture in the Solvency II process," said John Hele, chief insurance risk officer for ING Group. "There is a window next year [2006] to get things right, before the machine starts rolling." Noting that
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