Bank of England to ease burden of EU insurance rules

Reuters | January 11, 2018

Bank of England to ease burden of EU insurance rules
The Bank of England has proposed easing the burden of European Union capital rules for insurers, but the industry urged the regulator to go further and meet calls from British lawmakers for more radical change. The BoE’s Prudential Regulation Authority (PRA), which supervises banks and insurers, published a consultation paper to lighten some reporting requirements under the bloc’s Solvency II rules. The PRA said the proposed changes take into account recommendations for reform made by the Association of British Insurers (ABI), and by parliament’s Treasury Select Committee.“The PRA believes that these proposals would, in particular, reduce the reporting burden for smaller firms,” the watchdog said in its consultation paper. Solvency II came into force in January 2016 and was the PRA’s single biggest regulatory task at the time. The ABI has called for several changes and has found backing from UK lawmakers. The TSC said in a report last October that the BoE and insurers must find common ground over proposed tweaks to keep the 1.9 trillion-pound sector in Britain competitive after the UK leaves the EU in 2019.

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This Document presents the Principles for Responsible Banking for a six-month public consultation with banks and stakeholders. The Principles for Responsible Banking have been developed by 28 banks from five continents, jointly representing more than USD 17 trillion in assets, on behalf of the wider


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Spotlight

This Document presents the Principles for Responsible Banking for a six-month public consultation with banks and stakeholders. The Principles for Responsible Banking have been developed by 28 banks from five continents, jointly representing more than USD 17 trillion in assets, on behalf of the wider

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