Like a glacier making it’s way down an alpine valley, the speed at which the European Union’s Solvency II requirements is approaching may be deceiving.
New guidance notes from London-based Lloyds confirm that the clock is ticking for the company’s syndicates, who are expected to have an internal model which meets Solvency II standards so that Lloyd’s can submit its Solvency II internal model application in January 2012. But to do so, each of the firms managing agent must also demonstrate to Lloyd’s and in many cases the U.K.’s Financial Services Authority that a series of deadlines from March through December 2011 are consistently being met.
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