Solvency II

The European Commission's Solvency II project has reached a critical phase. A number of key issues remain unresolved and the timetable to the presenting of the proposed Directive to the European Parliament looks tight. In order to help prepare the UK profession for what may come and also ensure our voice is heard as appropriate in the various discussions, the General Insurance Board has already set up a Solvency II Working Group and the Life Board has decided to do likewise.

Terms of reference

The terms of reference of the Working Group are currently being finalised and will be published here in due course. The intention is that the group will consider both longer term issues affecting UK members and their firms as well as shorter term issues (e.g. what technical input it would be helpful for the profession to make on particular issues or in response to consultation documents). We also envisage the group working with the non-life group in the UK as well as the relevant Groupe Consultatif colleagues to ensure consistency where possible.

Membership of the Group

We are very grateful to those actuaries who have already volunteered to join the group, which now has a wide and representative membership; details will appear here shortly. We are not currently seeking new volunteers. However, if you would like to be kept up to date with the group's work, please re-visit this page of the website regularly, or contact Maria Singleton on e-mail: maria.singleton@actuaries.org.uk.

The Board has also established a QIS2 support group, which aims to support actuaries working on QIS2 through offering a central information source as well as an advice/Q&A service.