London — Solvency II, which aims to ensure the financial soundness of insurers and protect policyholders, will be implemented in Europe in 2012, but insurers should look to influence the drafting of the legislative text now before the process begins in earnest in 2009, says global insurance broker Aon Corp. The broker is urging European insurers to learn from the work undertaken by banking colleagues in implementing the Basel II accord and start preparing for Solvency II now. At a roundtable hosted by Aon for insurers, under Chatham House rules, the participants were encouraged by a panel of speakers to view the impending regulations as a chance to create wider business opportunities.
Comparing the lead up to Basel II for banks, a recurring theme from the speakers was that many financial institutions found the process at the time much more complex and time-consuming to plan and implement than anticipated, with a requirement for significantly more resources than expected.
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