Global Insurance & Regulatory Bulletin - Third Quarter 2014
On August 11, 2014, a consultation paper regarding the transposition of the Solvency II Directive into the Prudential Regulation Authority PRA (“PRA”) rules was published. The paper sets out changes to the PRA’s rules required to implement the Directive as amended by Omnibus Directive II.
The paper, CP 16/14 (http://www.bankofengland.co.uk/pra/Documents/ publications/cp/2014/cp1614.pdf), considers:
The PRA is seeking responses by November 7, 2014.An update on implementation was published on August 29, 2014, providing information regarding (i) the relationship between the risk margin and calibration of non-hedgeable risks; and (ii) assessing credit risk for matching adjustment portfolios (http://www.bankofengland.co.uk/pra/Documents/s olvency2/solvency2updateaugust2014.pdf).
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