ABI questions Solvency II stress test

The Insurance and Occupational Pensions Authority’s decision to schedule a stress test during the implementation of Solvency II has been questioned by ABI.

abiThe Association of British Insurers has questioned the Insurance and Occupational Pensions Authority’s decision to schedule a stress test during the implementation of Solvency II.

Eiopa announced details of the test earlier this week, with the programme to be carried out between the end of March and the end of May this year.

However, Peter Vipond, director of financial regulation and taxation, at the ABI claimed that the test could stretch insurers too far.

He said: “The UK insurance industry is currently under great pressure to implement an enormously complex regulatory framework.

“Rather than demand stress tests on the basis of a yet to be agreed framework, it would be better to focus on finalising the proposed rules and helping the industry put the infrastructure in place to make them work by 2013.

“We are also worried that many firms could be now be stretched as their technical teams will also be preparing internal models for use ahead of Solvency II at the same time as the stress test will run.”

The stress test will be run through the FSA in the UK. EIOPA expects to publish the aggregated results of this exercise in July 2011.

Register for Updates

Register to receive news updates straight to your inbox.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Newsletter

Sign up to our newsletter
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Technology Form

  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

Get in touch with us

We're ready to show you the future of consulting. Just fill out the form below!
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.

PPI Case Handler Profile

Complete your details below to receive our PPI Case Handler profile.
  • We will only send you marketing information using the details you have provided to deliver, develop and promote our products and services if you give us consent to do so. Please use the options below to indicate if you consent to us using your information for this purpose. For further information please read our privacy notice.
  • This field is for validation purposes and should be left unchanged.

Subject Access Request

    We require basic personal details to locate you on our records.

Request to Delete your Personal Data

    We require basic personal details to locate you on our records so we can delete your information.

Request to Withdraw Opt-In

    We require basic personal details to locate you on our records.