Adapted Solvency II rules, if supported in parliament, need to be implemented rather than dragged out by more debate, the head of the Bank of England’s Prudential Regulation Authority (PRA) has told insurers.
According to a report by the Financial Times, Sam Woods, who heads up the regulator for the sector, said during an insurance dinner that once the rule changes have the go-ahead from MPs, "we need to move on from the debate and into implementation". The PRA plans to issue two consultations, one in June and one in September, "rather than a Big Bang implementation", he added. "Firms will have a very good sense well before the end of 2023 of how we expect the new regime to operate, so that they can begin to adapt their investment plans as soon as they wish," he told delegates. FCA se...
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