Bank of England to lighten Solvency II rules
Saturday, 01 13 2018, Category: Insurance and Reinsurance, Country: United Kingdom
The UK Bank of England’s Prudential Regulatory Authority (PRA) arm has begun a new consultation process which could result in changes to ease some of the regulatory reporting burden re/insurers have faced under Solvency II.
The proposals, contained in a consultation paper titled “Changes in insurance reporting requirements“, are the result of work to the UK’s insurance prudential framework in light of the implementation of Solvency II, the PRA said.
They cover a range of insurance reporting requirements, under the prudential framework, with a focus on areas recommended for reform by the Association of British Insurers (ABI) and that have been discussed with the UK government’s Treasury Committee.