PRA says Solvency II needs to be changed to boost competition

By Alex Davidson (June 14, 2022, 3:58 p.m. BST) – A top financial regulator said on Tuesday that capital adequacy rules under the Solvency II regime are not working well enough in the UK and need to be changed to make the sector more competitive.

Charlotte Gerken, executive director of insurance at the Prudential Regulation Authority, said in a speech that the watchdog wants to remove barriers to insurers investing in productive assets, which can benefit the economy, to support their annuity payments or fixed sums of money each year. to investors.

Gerken told JP Morgan’s European Insurance Conference that the proposal was part of his contribution to the UK government’s post-Brexit…

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