PRA outlines SII bureaucracy cuts

The Prudential Regulation Authority (PRA) has outlined plans to
unburden itself from the administrative quagmire around approving
internal models under Solvency II.
In a consultation paper released last week that detailed the UK
regulator's expectations on insurers transitioning to Solvency
II, the PRA said it wished to eliminate unnecessary bureaucracy
from the process for both itself and carriers.
It said: "Setting out the PRA's expectations regarding
the content of a model change application