Bank of England okays capital calculation models of 19 insurers

London

BRITISH insurers Aviva and Prudential and the Lloyd's of London insurance market were among 19 firms to have their capital calculation models approved by the Bank of England (BOE) on Saturday, enabling them to lower costs under new rules.

Approval means the insurers can use their internal models to determine how much capital they hold to ensure they can meet policyholder commitments under European Union Solvency II capital rules that come into force next month.