LONDON, Sept 28 - The Bank of England on Thursday set out a reform of capital rules for insurers to"unlock tens of billions of pounds" for investments in the economy.
The so-called matching adjustment seeks to ensure that assets held by insurers generate enough cash to cover future payouts on policies and pensions. "We propose to adjust regulations to reflect the decisions made by the government about the level of financial resilience that should be required of insurance companies," Bank of England Deputy Governor Sam Woods said in a statement.
The government overrode the BoE to insist on a less onerous discount to free up billions of pounds to invest in infrastructure and help transition to a net-zero economy.
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