While rumblings continue around Europe about the scope and scale of the Committee of European Insurance and Occupational Pensions Supervisors' implementation advice, the Financial Services Authority is getting on with the job of making sure that UK regulated insurers' internal models will be ready for October 2012. The October FSA update has spelled out what companies wishing to use internal models to submit regulatory capital have to do between now and 2012. Ninety nine of the 460 companies that the FSA wrote to earlier in the year responded by the June 30 deadline to indicate that they intend to enter the model approval process. The overriding message to them is that if they are not already well advanced in their planning, then they will have difficulty in meeting the deadline.
The new timetable for model approval issued by the FSA recognises the pressure that will be on not only insurers, but on FSA staff too. Consequently, only those firms that meet certain qualifying criteria will
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