But the large volume of other Solvency II work is certainly not being ignored. Part of the purpose of this conference is to draw attention to the requirements in relation to the standard formula, other approvals and reporting requirements; which affect both internal model and standard formula firms. The title of today’s conference is “countdown to implementation” and in the sessions that follow we will: •  Set out, as far as policy certainty allows, some of the key requirements and deadlines for firms between now and 1/1/16;  •  Provide you with the information you need to be ready for transposition and implementation;  •  And provide an opportunity for you to ask questions and discuss key topics with representatives from the Bank. On the internal model approval process (IMAP), good progress is now being made by some firms on their models; however many of you are behind and timelines look very tight for remedial action. In order for the PRA to review models, we must receive all necessary documentation and evidence of compliance in good time and produced to a sufficient standard. The deadline for pre-application submissions is March 2015; although firms should be striving to submit as soon as they are ready to give themselves more time to respond to PRA feedback on their models.
Solvency II is a one-time opportunity for us to embed policyholder protection and put in place the foundations required for the UK insurance industry to remain profitable, resilient and a key part of the UK’s economy. BIS central bankers’ speeches  3