The report noted industry concerns that the PRA is too focused on capital and not enough on allowing insurers to compete. The overriding priority should be to develop regulation which is right for the UK insurance industry, the report said. "We would expect the UK regulators — with close input from the industry and HM Treasury — to work on this task." WELL BALANCEDThe Association of British Insurers (ABI), which represents an industry whose members control assets worth some 1.9 trillion pounds, said insurers will be vital in helping the UK thrive after Brexit. "The Committee concurs and asks the PRA for an update on the best approach for improving the risk margin calibration," the report said.

Source: New York Times October 26, 2017 23:15 UTC