Solvency II DTA rules “unimaginable”

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Not giving full credit for deferred tax assets (DTAs) in firms' capital as currently decreed under Solvency II is "unimaginable", according to industry body the Chief Risk Officer's (CRO) Forum.

The lobby group criticised the measures in Solvency II as out of line with the economic approach of the directive, and likely to lead to a pro-cyclical solvency regime in its report, Treatment of Deferred Tax Assets.

"The CRO Forum's key position is that in the financial crisis, approximately 95% of

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