A pillar of solvency

Paul Sharma, head of policy for banking, insurance and securities at the UK's Financial Services Authority, talks about life at the sharp end of insurance reform. Nicholas Dunbar reports

Life & Pensions
What is the current FSA view on statutory and realistic solvency in the UK life industry?

Paul Sharma
In UK life insurance, the terminology has unfortunately become a bit confused because we've got the pillars and the peaks. Pillar I are the capital requirements that derive from the application of the rules. Pillar II are the firms' own capital assessment but subject to supervisory review and Pillar III is disclosure. Within Pillar I there are two peaks, in the sense that there are

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