UK insurers hoping to use the Solvency II volatility adjustment (VA) face an onerous application process and may find the measure applies to fewer liability types than originally assumed.
A Treasury consultation paper published on August 6 laid out the UK government's blueprint for applying the VA to UK insurers, including a proposal for the Prudential Regulation Authority (PRA) to have the power to accept or reject its use on a firm-by-firm basis. Experts suggest firms will face a complicated
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