The insurance industry and those who regulate it need to admit that the Solvency II framework is too ambitious. This is the view of Phil Smart, UK head of Solvency II at KPMG.
Confusion, delays and uncertainty in the implementation of the new regulatory regime could mean that it never actually gets off the ground, unless all the stakeholders involved work to turn the situation around, according to Smart.
“The Solvency II regime seems to have lost its course of late, with some analysts now predicting it may never actually get off the ground,” he says.
“Some solid foundations have been laid and we must ensure these efforts do not go to waste."
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Solvency II, KPMG