Today’s announcement marks a significant step forward for the UK insurance industry in preparing for arrival of the Solvency II regime on 1 January 2016.
Andrew Bailey, Deputy Governor, Prudential Regulation, Bank of England and CEO of the PRA said: “Today marks a major milestone in the implementation of Solvency II in the UK. The PRA has approved 19 insurers’ internal models for use from day one of the new regime. Going forward we will monitor insurers’ models carefully in order to ensure they continue to deliver an appropriate level of capital.”
The list of insurers who have received approval to use an internal model from 1 January 2016 can be found below
Solvency II internal model approvals
The PRA has approved the use of a full or partial internal model for the following firms under
the Solvency II Directive. These approvals are effective from 1 January 2016.
Amlin Plc
Aspen Insurance UK Ltd
Aviva Plc
British Gas Insurance Ltd
Just Retirement Ltd
Legal & General Group Plc
Markel International Insurance Company Ltd
MBIA UK Insurance Ltd
The National Farmers’ Union Mutual Insurance Society Ltd
Pacific Life Re Ltd
Pension Insurance Corporation Plc
Phoenix Group
Prudential Plc
QBE European Operations Plc
RSA Insurance Group Plc
Scottish Widows Group
Society of Lloyd’s
Standard Life Plc
Unum European Holding Company Ltd
|
