Bank of England: Insurers’ capital level appropriate
Saturday, 07 11 2015, Category: Insurance and Reinsurance, Country: United Kingdom
Concerns that the Bank of England (BoE) will use Solvency II to increase levels of capitalisation across the insurance sector are unfounded, according to Sam Woods, executive director for insurance supervision at the BoE.
In a speech given at the Association of British Insurers (ABI), Woods explained that he would like to bust two myths: the idea that there is a plan to use Solvency II to increase required capital and the suspicion that the BoE will keep the current ICAS regime alive instead of embracing the new regime.
Source: Intelligent Insurer