The PRA has published a document confirming that the sterling value of the Euro for insurance regulatory purposes for the 12-month period commencing 31 December 2013 is 85.020 pence. This is the figure that should be used by insurers for the calculation of capital resources requirements. This figure should also be applied to the regulatory returns (carried out in respect of the 2013 calendar year end) that insurers are required to submit under relevant PRA rules. Additionally, no changes have been made to the base capital resources requirement (BCRR) as set out in the EU Insurance Directives which means that the Euro amounts for the BCRR for Directive insurers and reinsurers, and the Euro amounts used in determining the general insurance capital requirement, remain as set out in FSA Handbook Instrument 2012/61.
View Euro-Sterling value for insurance regulatory purposes, 8 January 2014