Lloyd's: Solvency II on course for 2013
Tuesday 10 January 2012 - by Karina Whalley
Lloyd's chairman John Nelson cited the directive as one of his top priorities in 2012 and said that the insurance market stands at a "critical point" in implementing the new standards.
However, Europe's internal market commissioner Michel Barnier said in November that the deadline for implementation would be pushed back to 1 January 2014.
Lloyd's finance chief said last year that the group would spend considerably more than its previous estimate of £250m ($400m) to prepare for Solvency II's capital rules. The group, which has a staff of around 940, is using 10 per cent of its workforce to implement the directive by its original deadline.
Nelson said: "We will have to work with government and regulators to encourage them to create the right infrastructure and regulatory environment to enable us to compete efficiently.
"I see that as an important part of my job."
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