Britain’s biggest insurers get green light for European capital plans
Bank of England has approved Solvency II internal risk models for 19 insurance companies.
Nineteen insurance companies have won approval for their plans to protect themselves against financial shocks, in what the Bank of England has described as a "major milestone" for the stability of the industry.
Aviva, Prudential, Standard Life and Legal & General are among the FTSE 100 firms to secure approval from the watchdog for their customised "internal models", allowing them to use their own methods of calculating risks within the business to set up capital buffers.
The Bank of England has not revealed which insurers have won full approval for their plans to meet the new Europe-wide Solvency II requirements, and which firms have only received a green light for parts of their...
