Solvency II: FSA's proposals for with-profits business | Practical Law

Solvency II: FSA's proposals for with-profits business | Practical Law

In this article, Geoffrey Maddock, a partner, Barnaby Hinnigan, a senior associate, and Alison Matthews, a consultant, of Herbert Smith LLP's corporate group, consider some of the FSA's proposals in its second consultation paper on transposing the Solvency II Directive (2009/138/EC) (CP12/13), which was published in July 2012. In particular, they consider the FSA's proposals for:

Solvency II: FSA's proposals for with-profits business

Practical Law UK Articles 9-521-0791 (Approx. 11 pages)

Solvency II: FSA's proposals for with-profits business

by Geoffrey Maddock, partner, Barnaby Hinnigan, senior associate, and Alison Matthews, consultant, Herbert Smith LLP
Law stated as at 29 Aug 2012 • United Kingdom
In this article, Geoffrey Maddock, a partner, Barnaby Hinnigan, a senior associate, and Alison Matthews, a consultant, of Herbert Smith LLP's corporate group, consider some of the FSA's proposals in its second consultation paper on transposing the Solvency II Directive (2009/138/EC) (CP12/13), which was published in July 2012. In particular, they consider the FSA's proposals for:
  • Amending the with-profits regime in Chapter 20 of the Conduct of Business sourcebook (COBS).
  • New rules to be included in "SOLPRU", the new Prudential sourcebook for Solvency II insurers.
Firms involved in with-profits business should consider the changes and the need to put in a response to the consultation before the 11 October 2012 deadline.