Countdown to Solvency II ()
2012 is the make or break year for companies seeking internal model approval under Solvency II. With Lloyd’s syndicates already past the post, what separated the good from the bad? What does best practice look like?
Managing agents that fared best ...
- were working to a detailed roadmap for all the numerous tasks that had to be completed, how to approach them and who needed to be involved at each point along the way.
- had a strong project manager or sponsor with a good understanding of the requirements, helping them to make sure that evidence was produced to the required standard and that tangible progress was being made.
- established the documentation framework from the start rather than leaving it to the end.
- made an effort to keep key staff happy (so retaining key talent)
Supervisors are going to be looking longer and harder than most companies have anticipated. Moreover, while Solvency II may have been delayed, it is unlikely that firms will get a second crack at the IMAP before the launch if they fail first time round, so they need to get up to speed in 2012.