UK insurers' solvency models must remain fit for purpose: Bank of England
Posted On: Nov. 4, 2015 12:00 AM CSTSam Woods, executive director of insurance supervision at the Bank of England, said that U.K. insurers who gain approval to use their own internal solvency models from January 2016 must "make sure their models remain fit for purpose on an ongoing basis," reports Reuters.
The BOE said that the insurers must ensure the models remain appropriate following the introduction of Europe-wide risk-based capital rules.