General Insurance Article - PRA grants Solvency II internal model approvals


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
 the Solvency II Directive. These approvals are effective from 1 January 2016.

 
 Amlin Plc
 Aspen Insurance UK Ltd
 Aviva Plc
 British Gas Insurance Ltd
 Just Retirement Ltd
 Legal & General Group Plc
 Markel International Insurance Company Ltd
 MBIA UK Insurance Ltd
 The National Farmers’ Union Mutual Insurance Society Ltd
 Pacific Life Re Ltd
 Pension Insurance Corporation Plc
 Phoenix Group
 Prudential Plc
 QBE European Operations Plc
 RSA Insurance Group Plc
 Scottish Widows Group
 Society of Lloyd’s
 Standard Life Plc
 Unum European Holding Company Ltd
  

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