Paul Fisher of the Bank’s Prudential Regulation Authority (PRA), said: “We are not looking to use Solvency II as an opportunity to raise capital requirements across the board,” it was reported in the Telegraph.
“I have said this before but I think it is worth reiterating. The PRA believes the UK industry is in a good position, having had the UK risk-based ICAS regime for around ten years,” Fisher said.
He added: “The PRA will implement the directive as intended. We can’t and won’t gold plate.”
The insurance industry has spent years preparing for Solvency II, which will be implemented in January 2016.