FSA executive on principal aims of Solvency II

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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