There is a new chair of the ABI’s Prudential Regulation Committee, with Laurence Townley (pictured), taking the position from outgoing David Innes.
Townley, director of financial risk and joint chief actuary at Direct Line Group, has been responsible for the insurer’s Solvency II approach and also led the internal model application process. He has oversight of investment and insurance risk and has been a member of the Prudential Regulation Committee since it was formed back in 2016.
“I’m delighted to welcome Laurence as Chair of the ABI’s Prudential Regulation Committee,” said Steven Findlay, assistant director, head of Prudential Regulation at the ABI. “We have a busy agenda, with a range of policy developments in the months and years ahead: The PRA is making some much-needed refinements to its implementation of Solvency II; the EU has several upcoming Solvency II reviews; and the development of the global Insurance Capital Standard continues. Under Laurence’s chairmanship, I’m confident that his leadership and experience will keep the ABI’s work on prudential regulation as member-led as possible.”
Speaking about his new position, Townley described his delight at the opportunity as RSA’s group capital and financial risk director Innes moves on.
“This is an exciting time for UK insurers as we develop sustainable solutions in a world where Solvency II is now the norm, whilst Brexit turbocharges the need for even closer engagement with regulators in ensuring our sector remains a world-leading one,” he said. “I look forward to working with colleagues on the committee to achieve positive outcomes for our industry and our customers over the coming months.”
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