The UK Financial Services Authority (FSA) will extend the Internal Model Approval Process (IMAP) for insurers to calculate their Solvency II capital requirements until the end of 2015, in light of the effective postponement of the 2014 go-live date for the European directive.
Speaking at the Prudential Regulatory Authority (PRA) insurance conference in London today, Julian Adams, FSA director of insurance said firms will be able to choose their own revised "landing slot" for the IMAP process.
The new date...
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