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The PRA has today published a list of 19 insurers whose full or partial internal models have been approved for use under Solvency II from 1 January 2016. |
Today’s announcement marks a significant step forward for the UK insurance industry in preparing for arrival of the Solvency II regime on 1 January 2016. Andrew Bailey, Deputy Governor, Prudential Regulation, Bank of England and CEO of the PRA said: “Today marks a major milestone in the implementation of Solvency II in the UK. The PRA has approved 19 insurers’ internal models for use from day one of the new regime. Going forward we will monitor insurers’ models carefully in order to ensure they continue to deliver an appropriate level of capital.” The list of insurers who have received approval to use an internal model from 1 January 2016 can be found below Solvency II internal model approvals
The PRA has approved the use of a full or partial internal model for the following firms under
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