PRA updates on Solvency UK

Gareth Truran of the PRA has given a speech in light of the updated Matching Adjustment regime for insurers going live on 30 June. He said insurers now have all they need to use the Solvency UK reforms to support their plans for productive and competitive UK investments, although the PRA will continue to consider future enhancements. It is considering whether a Matching Adjustment “accelerator” could be of use in allowing firms to self-certify eligibility for a limited portion of assets before they seek formal approval. He said the PRA is ready to act quickly on applications from insurers but that insurers need to consider how they can best use the reforms to their advantage.

Emma Radmore