Solvency II Newsflash
Update on PRA consultation on equity release mortgages
29 Oct 2018 - Estimated reading time: 3 minutes
Last week the Prudential Regulation Authority (‘PRA’) published an update on the consultation paper on equity release mortgages, CP13/18 of which the consultation period closed on the 30 September 2018. To clarify the position for insurers planning their 2018 year-end valuations, the PRA has indicated that it will not be implementing any of the changes envisaged in CP13/18 before 31 December 2019. As its initial intention was to publish the final policy by December 2018 with an implementation date of 31 December 2018, this change gives firms at least a further year of breathing space.
In this newsflash, we explore what this means for insurers who are affected.