PRA Says Solvency II Needs Changes To Boost Competition

By Alex Davidson (June 14, 2022, 3:58 PM BST) -- Capital adequacy rules under the Solvency II regime do not work well enough in the U.K. and need changing to make the industry more competitive, a senior financial regulator said Tuesday.

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

Gerken said at the JP Morgan European Insurance Conference that this proposal was part of its contribution to the U.K. government's post-Brexit consultation...

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