Lloyd's has welcomed the UK Financial Services Authority (FSA)'s approach on adapting to Solvency II policy uncertainty and is in talks with the regulator to adjust its timelines on the approval process in light of delays to the new regime.
The FSA recently announced the extension of the internal model approval process (IMAP) for Solvency II until the end of 2015 as a result of a likely delay in the new regime's go-live date to 2016.
In a market circular...
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