Off The Wire
BoE not targeting change in insurers' capital, says Gerken
LONDON, Feb 23 (Reuters) - The Bank of England is not looking for a change in the amount of capital insurers need but a planned review of Solvency II gives regulators an opportunity to adapt aspects of the regime, an executive director said on Tuesday.
“We are not looking for increase or decrease ... but are interested in the evidence as to ... what is the amount of capital that is about right,” Charlotte Gerken told the Association of British Insurers’ annual conference.
“The industry has proven resilient over the last 12 months in the current regime,” she said.
Reporting by Carolyn Cohn; Editing by Edmund Blair