The Prudential Regulation Authority (PRA) has outlined plans to unburden itself from the administrative quagmire around approving internal models under Solvency II.
In a consultation paper released last week that detailed the UK regulator’s expectations on insurers transitioning to Solvency II, the PRA said it wished to eliminate unnecessary bureaucracy from the process for both itself and carriers.
It said: “Setting out the PRA’s expectations regarding the content of a model change application is intended to enhance the quality of…Read more at The Insurance Insider