Bronek Masojada, the CEO of Lloyd's carrier Hiscox, has said
that Solvency II needs to have more focus on the customer and less
focus on process.
Masojada told attendees of an Economist-sponsored insurance conference that the core assumptions behind Solvency II were only half right.
He said that Solvency II assumed, first, that good controls only produce good outcomes and, second, that regulators can recruit talented people.
He argued that these assumptions were not fulfilled. Sometimes, well-intentioned controls simply madden...
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