Tussle over UK insurance regs heats up ahead of Brexit
The UK’s Prudential Regulation Authority is standing its ground over its interpretation of Solvency II amid pressure from politicians and industry bodies. But on issues ranging from insurers’ capital requirements and assets to the UK’s departure from the EU and even what the PRA’s objectives should be, there is lively debate over how a future regulatory regime should look.
Since its introduction in 2016, Solvency II has reshaped insurance regulation across Europe. But in the UK it has been met with annoyance by many in the industry, who do not perceive it as a clear improvement on the previous Individual Capital Adequacy Standards regime.“Solvency II is ...
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