Charlotte Gerken: Life beyond Solvency II - a view from the top of the regulator

Speech by Ms Charlotte Gerken, Executive Director of Insurance Supervision of the Bank of England, at the Association of British Insurers (ABI) Prudential Regulation webinar, 19 May 2020.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Good afternoon. Many thanks to the ABI for inviting me to speak at this prudential regulation webinar.

When I was asked to give a view from the top of the regulator, I can't say I'd been expecting to give that view from south west London.

Thinking about the theme of today's webinar, 'Life beyond Solvency II', the scope of my talk is two-fold: Firstly to reflect on what we have learned about Solvency II during a first test of the regime, to inform how our regulatory framework may develop following the end of the EU withdrawal implementation period.

And secondly beyond the Solvency II regulatory regime, what some of our key supervisory priorities are.

As a result of the challenges presented by Covid-19, we - like you - had to shift resource from our longer term business priorities - including supervision and policy reform - to short-term crisis management.