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ARTICLE · 19 APRIL 2010

FSA Publishes Solvency II - IMAP Update

Norton Rose Fulbright
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The Financial Services Authority (FSA) has published an update for firms on the internal model approval process (IMAP) for Solvency II.

United KingdomFinance and Banking
David Whear
David Whear

Originally published in the Norton Rose Insurance Updater, February 2010.

The Financial Services Authority (FSA) has published an update for firms on the internal model approval process (IMAP) for Solvency II. The update has been sent out in order to provide information on key developments as the FSA prepares to begin the 'pre-application' process for model approval.

Solvency II will allow firms to apply an internal model for the calculation of their Solvency Capital Requirement (SCR) as long as supervisory approval is given.

The FSA is currently preparing to carry out 'firm-facing' IMAP activity from April this year and expects to be working with firms on the pre-application process during the second and third quarters of 2010.

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