UK insurers are under increasing pressure to improve their assessment of asset valuation risk, as the Prudential Regulation Authority (PRA) steps up efforts to ensure the industry is Solvency II compliant by the January 1, 2016 implementation date.
The PRA released a consultation paper (CP10/14) on valuation risk for insurers on May 30 containing its expectations of firms with regard to how they estimate valuation uncertainty – particularly for structured products and illiquid securities.
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