Insurers Get Guidance As Equity Release Mortgages Surge
Law360, London (April 3, 2019, 11:04 AM BST) -- The Prudential Regulation Authority warned insurers on Wednesday that it plans to assess whether they are abusing waivers that exempt them from unpopular European capital requirements when dealing with a surge in older customers releasing equity from their homes.
The Bank of England's regulatory arm acted after a report published Tuesday revealed that the number of over-55s releasing equity from bricks and mortar jumped 23 percent in the second half of 2018 compared with the previous year.
The PRA wants to ensure that insurers are not inappropriately using the waiver to hold smaller capital reserves under the European Union’s Solvency II regime when...
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