Happy New Year to you all.

I put out a call to the run-off sector in the ARC December Newsletter requesting input and feedback arising from the results of run-off companies undertaking the Solvency II QIS5 analysis.  As you are aware an ARC working party has been looking at the new regulatory regime but we require greater input from the run-off sector, specifically the results of QIS analyses.  Are run-off companies generally finding they will require more capital?  If yes, how much more and are there specific parts of the new rules that account for the increase?  Should these be applicable to run-off companies?

I have had continued dialogue with the EC Commissioner, Karel van Hulle, and I show below an excerpt from his most recent email to me.

“We are definitely interested in ensuring that we get things right also for run-off companies and we would therefore appreciate if you could let us know any further specific issues that need to be addressed in this context. As we will soon be finalising the draft implementing measures after having examined the QIS 5 results, time is now of the essence. The sooner we receive something the more likely it is that we can consider it and decide what to do.”

It is clear that if we want to have greater recognition of issues faced by run-off companies arising from the incoming rules we have very little time left in which to raise our concerns.  Please therefore let me know your findings so that we can provide a united run-off approach to CEIOPS.

Kind regards.   
 

Paul Corver
Association Chairman

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