Sam Woods: Adapting to Solvency Speech by Mr Sam Woods, Executive Director of Insurance Supervision of the Bank of England, to the Association of British Insurers, London, 9 July 2015. *  *  *  It is a great pleasure to speak to you today. I plan to give another speech in a few months’ time, focussed on the history of insurance regulation and supervision here in the UK. But today I will talk about my immediate priority, which is getting Solvency II over the line for go-live on 1 January 2016. The industry has made a tremendous effort to make the transition a successful one. The circumstances have been difficult, with a delay to political agreement on important aspects of the new regime compressing the time that the industry has had to prepare. The delay has also added to the costs of implementation. However, the time has not been wasted and firms have used it to make important improvements to their Own Risk and Solvency Assessments, as well as their internal model applications. Today I want to make sure that investors and insurance firms understand the approach the Bank of England will take to capital under Solvency II.
We believe in the importance of this outreach effort not only because the public has a right to an informed participation in their financial dealings, but also because it is also an important part of our collective and combined efforts that will determine the success of our endeavours. Tuan-Tuan dan Puan-puan, Akhir sekali, saya ingin mengucapkan berbanyak-banyak terima kasih kepada Yang Amat Berhormat Perdana Menteri atas kesudian beliau melancarkan Bank Negara Malaysia LINK. Sekian, terima kasih. 2  BIS Review 12/2005