UK insurers to face tough model governance standards under ICAS+ regime

Model management


It has been nearly 18 months since the UK’s Financial Services Authority (FSA) first indicated that insurers would be able to use their Solvency II internal models to meet current risk-based capital requirements.

The move, aimed at relieving the capital modelling burden on firms in the build-up to the implementation of Solvency II, has become one of the key issues for UK insurers this year, as the many nuances of this become apparent.

But the way this process, called Icas+, whereby an insurer’s

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