Tiner defends insurance margin changes

The announcement had sparked a rally in equity prices and a tightening of credit spreads on life assurers’ securities.

“In my letter, I sought to make clear that, where the existing rules were requiring excess prudence, we would be prepared to relax those rules,” said Tiner, who is head of the FSA’s consumer, investment and insurance directorate. “However, insurance companies would need to demonstrate that in their particular case the existing rules were excessively prudent. They would do

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