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PRA Proposes Simplifying Key EU Insurance Reforms

Law360, London (May 22, 2019, 5:33 PM BST) -- The Prudential Regulation Authority said on Wednesday that it will seek to simplify how insurers and reinsurers determine one of the most controversial aspects of Europe's capital requirements, as it acknowledged that businesses are burdened by having to make multiple calculations.

The Bank of England's regulatory arm has asked insurers to respond to its proposals to make it easier for them to calculate their liabilities and risk margin. 

The rules on risk margin, introduced in Europe’s Solvency II Directive, compel companies to boost their capital reserves to cover long-term business such as annuities. But they have also prompted many life insurers to...

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