FSA: insurers should prepare for failure of internal model approval

FSA: insurers should prepare for failure of internal model approval

fsa canary wharf

Insurers hoping to use an internal model when the Solvency II directive comes into place on January 1, 2013 must develop contingency plans in the event they fail to gain regulatory approval, according to Julian Adams, director of insurance at the UK's Financial Services Authority (FSA).

Speaking at the FSA's Solvency II conference in London on April 18, Adams outlined the three possible results of the internal model approval process: full approval, partial approval or a total rejection. In

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