Call for member input on Financial Regulator consultation paper on Investment Guarantees

The Financial Regulator has published a consultation paper on Investment Guarantees - Guidance on Reserving and Risk Governance
 
This follows on from the Financial Regulator’s discussion paper issued last August on Capital Requirements for Variable Annuities, to which the Society submitted a response.
 
The consultation paper sets out guidance on reserving and risk governance rules for variable annuities and other investment guarantees.  Companies will be required to notify the Financial Regulator by 30th September 2010 of the applicability of the guidance to their business.  Companies that transact relevant business will be required to meet certain requirements set out in the guidance, which will have impacts on regulatory returns for financial year-ends on or after 31st December 2010 and subsequent quarterly returns.
 
The Society wishes to establish a working party of members to consider the consultation paper and draft a response to the Financial Regulator.  The closing date for submissions to the Financial Regulator is 30th June 2010, so the work will be completed quickly.  
 
If you are in a position to participate in this working party, please let us know as soon as possible.  Thank you.