Last week, Tim Breedon spoke at the Association of British Insurers (ABI) Solvency II October 2010 Conference.
We’ve included a few short extracts from his speech:
“The overriding aim of Solvency II is to bring a common, risk-based approach to capital setting, supervision and disclosure to the whole of Europe.
…the original purposes of Solvency II, as enshrined in the Level 1 Directive, present a series of objectives which we can all, I believe, support. And core to that is the concept that, if you understand your risks properly as a company, if you manage and control those risks, then you will receive the benefits of a lower capital requirement. It is a principle which many of us wish had been embraced more effectively in the case of the banks…
…A ‘successful conclusion’ depends now on successful implementation.”
The full text can be found on the ABI’s website:
http://www.abi.org.uk/Media/Articles_and_Speeches/52356.pdf
