Ireland’s Elderfield says ‘imperfect’ Solvency II should still go ahead

matthew-elderfield

The Solvency II framework for insurance regulation is flawed, but its benefits nevertheless outweigh the potential costs, according to Matthew Elderfield, deputy governor of the Central Bank of Ireland.

In a speech at the 2013 European Insurance Forum, Elderfield pointed to a number of problems with Solvency II, as the drawn-out negotiation process leads to "fatigue and exasperation" from insurers. He said the solvency buffers could be left too low by "overly optimistic" internal models, while

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