PRA highlights restrictions on group own funds
Implementation note says capital instruments issued by third-country undertakings must conform to Solvency II to qualify as loss absorbing
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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