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UK’s Solvency II changes ‘not a free lunch,’ BOE's prudential watchdog warns

By Fiona Maxwell ( July 8, 2022, 11:13 GMT | Insight) -- Changes to Solvency II to give UK insurers an overall reduction in capital requirements have the backing of the prudential regulator, but while some areas will be loosened there's one particular part that needs to be strengthened, Sam Woods said today. The PRA chief acknowledged industry opposition to its proposals, but said noted serious concerns with the "matching adjustment" provision that could result in insurers running into trouble if left alone.EU insurance rules will be loosened in the UK to make the regime work for the industry post-Brexit, but one area will need to be strengthened even if it irks insurers, Bank of England Deputy Governor Sam Woods said today....

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