UK - City watchdogs have relaxed rules to ease pressure on life assures. The Financial Services Authority says life assurers will no longer be forced to sell equities in a bid to meet the regulatory minimum margin (RMM).
The RMM forced insurance companies to keep assets equal to 104% of their liabilities – a rule that pushed many life offices to ditch equities as stock markets tumbled. Firms will now be able to apply for a waiver from the RMM rules.
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This week's top stories included Cardano announcing plans to acquire Now Pensions from a Dutch pension fund later this year.
Royal Bank of Scotland (RBS) faces a £102m impact on liabilities as a result of equalising guaranteed minimum pensions (GMPs), according to its annual results.