Slow progress on Solvency II internal model validation threatens approval, FSA warns
Firms could be ejected from internal model application process if they do not improve, says regulator
Insurers are at risk of their Solvency II internal capital models not being approved because they are falling behind in their model development plans, the UK Financial Services Authority (FSA) has warned.
Slow progress in validating the model, weak supporting documentation and under-developed policies for managing changes to the model were putting some insurers at risk of being ejected from the FSA’s internal model approval process.
The FSA has now completed a significant part of its review of
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