UK Weighs Toughening Audit Rules For Insurers' Capital
Law360, London (July 30, 2020, 2:16 PM BST) -- The Bank of England said Thursday it is considering changing rules governing how closely auditors must watch insurers' use of a waiver in the European Union's Solvency II capital requirements.
The Prudential Regulation Authority, the central bank's regulatory arm, published a consultation on audit requirements for its "matching adjustment" provision, which provides insurers room for maneuver if they can demonstrate that the cash flow from a portfolio of assets is matched to life insurance liabilities.
The provision can amend the Solvency II cash buffers insurers must carry if they apply to make use of the waiver. The consultation asks whether the...
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