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UK PRA proposes revisions to ease on regulatory requirements for insurers

The Bank of England's Prudential Regulation Authority proposed some revisions with regard to insurers' regulatory reports to loosen the burden for Solvency II firms and mutuals.

A consultation paper published Jan. 11 includes proposed reforms such as restricting reporting for with-profit firms to insurers with more than £500 million in liabilities and allowing small insurance companies to waive quarterly reporting obligations.

The PRA's interpretation of the Solvency II regime, which took effect in January 2016, has gathered complaints from insurers, deeming it too restrictive, a same-day Financial Times report noted, adding that insurance firms have sought the help of the U.K. Treasury in calling for changes.

The Solvency II rules are geared toward making sure that insurance firms have adequate financial buffers to meet claims from policyholders and to standardize the unsystematic approach to insurance regulation across the European Union, the FT said.

The consultation closes April 13.