Treasury Committee asks PRA to work with insurance industry in relation to areas covered by Solvency II

In a letter to the Chief Executive of the PRA regarding Solvency II, the House of Commons Treasury Committee has asked the PRA to consider challenges raised by industry in a number of areas, including to the current risk model change process and reporting requirements.

Furthermore, in the light of Brexit and while acknowledging it “may” be sensible to seek to be as closely aligned as possible to Europe, the PRA is asked to work with the industry to identify where there is a lack of fit with the needs of UK consumers and industry, and the options for achieving better outcomes.