United Kingdom

Solvency ll: Internal models 

Insurance companies shouldn’t underestimate the major work still required to have internal models ready for the Solvency II start date of 1 January 2016.
Solvency ll: Internal models

A challenging time frame

 

The implementation date for the Solvency II Directive has been confirmed as 1 January 2016. This is a challenging time frame in which to finish the Internal Model Approval Process (IMAP) to regulators’ satisfaction. The process involves improving current systems, testing the model in a reporting environment and embedding its use throughout the business and the mindset of senior management. The task has been made more difficult for firms that relaxed their development timescales following previous delays to the Solvency II start date.

 

How we can help

 

We can review the proposed approach ahead of the formal IMAP submission. Our insight into leading practice and likely regulatory challenges will help improve the probability of a successful IMAP process. We can also provide guidance to ensure the models’ production process meets the challenging reporting timescales and create management information efficiently and effectively.

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Contact

Tim Roff

Tim Roff

Partner

KPMG in the UK

 

020 7311 5001

Email Tim