02/02/2010
With the end of 2012 deadline for the Solvency II Directive looming, representatives of the UK Financial Services Authority (FSA) will be called upon to answer questions on the Directive at the ‘Captive Live UK’ event this month.
Fears that CEIOPS’ proposals lack sufficient proportionality for captive insurance companies have left many unanswered questions in the minds of a significant number of insurance professionals.
To shed light one of the most pressing issues facing the captive industry today, Captive Review has invited two key FSA representatives to join industry experts to help clear away the clouds of uncertainty surrounding the directive.
In a session titled ‘Solvency II: Threat to self insurers’, Captive Review will welcome the FSA’s Bob Martin to address questions about the future dangers in store for captives under the directive,
Following this, the FSA’s Tim Edwards will be in attendance alongside a hand-picked panel of regulators to respond to industry concerns related to supervisory considerations amid the onset of Solvency II.
“There will be discussion about the impact of Solvency II on captives and how that impact will manifest itself,” said Dominic Wheatley, chief marketing officer for Willis International Captive Practice and moderator of the ‘Solvency II: Threat to self insurers’ session.
“There will be talk about CEOIPS’ processes and how organisations such as DIMA are participating in the consultation process and this will naturally lead us to issues of proportionality,” he said/
Furthermore, with Pillar I, II and III of the directive already laid out, a session ‘Solvency II: Practical Issues’, moderated by Captive Review editor, Gavin Bradshaw, and featuring Jeanette Roedbro of European captive owners association ECIROA, will tackle the logistical issues captives face ahead of implementation, including: prospective timings, discussions around ECIROA’s captive consultation paper and responses to other relevant papers and the consultation process with CEIOPS.
Day One will also include a keynote presentation by John Griffin, founder and chairman of Addison Lee, and recent star of Channel 4’s ‘Secret Millionaire’ programme.
‘Captive Live UK’ will take place on 22-23 February 2010 at Vinopolis, London.
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We at Captive Review are keeping a close eye on Malta, not only because of its reputation as a high-quality captive domicile, but also because it is on the forefront of Solvency II.
Originally planned as an insurance and reinsurance directive, Solvency II has undoubtedly unnerved the captive insurance industry.
Wood 14/01/2012 10:16am
It's good to see seomone thinking it through.
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