PRA reserves right to review internal models after Icas+ approval
Entry requirments for transitional regime will be high, says PRA official
UK insurance companies entering Icas+ are wrong to assume they will get a final stamp of approval of their Solvency II internal model at this stage, according to a senior official at the Prudential Regulation Authority (PRA).
Andrew Bulley, London-based director of life insurance at the PRA, said that although the authority would provide an indication of its final assessment on some elements of a firm's internal model it could still require changes to the model before Solvency II comes into
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