FSA executive on principal aims of Solvency II
John Tiner, chief executive of the Financial Standards Authority (FSA), has spoken about the FSA’s views on Solvency II. Tiner’s key message during the speech was that the FSA’s principal aim was to incentivise insurance firms to use modern risk management practices appropriate to the size and nature of their business.
Tiner outlined three main changes to insurance:
• A need to shift the emphasis of supervisory regimes from fixed detailed rules that prescribe pre-set answers to questions such as how to measure assets, liabilities or capital to principles that refer to market consistency and economic and market realities.
• Supervisors – including the FSA – need to shift the skill sets of their staff from understanding rules to understanding markets. This reflects a change in the supervisory regime from rules
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