Solvency ii Associationwww.solvency-ii-association.com
Although its positions are closely aligned with those of other insurers,there can be subtle, yet important, differences in emphasis and prioritisation.
„Lloyd‟s focus is on the regime‟s impact on non
-life insurers whereassome other major insurers in the UK and Europe aremore concernedabout proposals for the treatment of annuities and other issues primarilyof interest to life insurers.
Lloyd‟s also aims to ensure that policymakers in the UK are
aware of its views.
Lloyd‟s is represented at high
-level meetings with the FSA and atministerial level to address key industry concerns regarding Solvency II.On 5 January 2011, Sean McGovern, Lloyd's Director, sent a letter toManaging Agents' CEOs and FDs with a view to providing an update onthe Lloyd's lobbying approach for the development of Solvency II.Lloyd's aims To ensure that:
• The Market‟s unique structure including regulatory recognition as a
unitary organisation is preserved.
• The standard formula does not impose excessive capital requirements
• Internal model tests, standards and approval processes are reasonable
• The types of asset commonly held in the market are appropriately
• Additional administrative burdens on insurers are minimised.