Conditional approval of Solvency II internal models should be allowed, urges PRA official
Insurers' efforts to develop internal models should be recognised by supervisors
European insurance supervisors should be given flexibility to attach some conditions to their seal of approval of insurers' Solvency II internal capital models, according to a senior official at the Prudential Regulation Authority (PRA).
James Orr, head of department, general insurance risk specialists, at the PRA said conditional approval would enable supervisors to recognise progress made by insurance companies in developing their internal capital models, while holding them responsible for
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