PRA highlights restrictions on group own funds
Capital instruments from third-country insurers must fit Solvency II
European insurance groups will have to ensure capital instruments held in equivalent third-country undertakings comply with the Solvency II Directive in order to qualify as group own funds, according to a paper issued by the UK's Prudential Regulation Authority (PRA).
The document, 'Solvency II: an update on implementation', released on July 25, lays out the PRA's interpretation of Solvency II rules on the admissibility of group own funds items. Own funds are the capital used to satisfy Solvency
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