Economic approach (diversification benefits) in line with Solvency II conceptual framework. Same level of protection to policy holders with a given level of capital across the group. Mechanism enhancing capital mobility within a group. Alignment with the way groups are effectively managed...

Is a world-wide convergence of regulatory regimes desirable/necessary? 1. Yes, to achieve a level playing field. 2. Yes to reduce systemic risk, 3. I am indifferent...