PRA invites post-Brexit transitional recalculations
The Prudential Regulation Authority (PRA) has invited UK insurers to apply for a recalibration of their transitional measure on technical provisions (TMTP) after the sharp fall in long-term swap rates following the British referendum decision to leave the EU.
The TMTP slows the introduction of the Solvency II valuation of liabilities over the next 16 years, and can be recalculated to reduce the impact of market volatility.
The suggestion firms would be allowed to recalculate TMTP following the
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