Bail-in tool required to resolve systemic insurers, says Bank of England

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UK authorities should be given the power to bail-in insurers' liabilities, as part of a legislative revamp to align the national resolution framework with proposed global standards for the resolution of systemic insurers, says the Bank of England (BoE).

The BoE also adds that enhanced resolution requirements may be imposed not only on the two UK insurers designated as globally systemically important – Prudential and Aviva – but also on other institutions considered domestically significant.

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