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In September, the Prudential Regulation Authority published its Consultation Paper 19/23 (CP19/23), covering the second set of proposed reforms to Solvency II in the UK relating to the matching adjustment (MA). The CP forms part of the wider ongoing review of the UK’s insurance regulatory environment led by the government, particularly His Majesty’s Treasury (HMT). This briefing paper addresses the following proposed changes in CP19/23:
Investment flexibility
Liability eligibility
Credit ratings under the MA
MA permissions, breaches, and consequential rule changes
Attestation requirements
Assumptions underlying the MA
Matching Adjustment Asset and Liability Information Return (MALIR)
Notching
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