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The prudential regime applicable to insurers in the UK parallels the three pillars of the Basel II regime for banks: Pillar 1 – imposes capital resource requirements for solvency purposes; Pillar 2 – requires additional capital evaluation based on internal assessment of risks and controls; and Pillar 3 – imposes requirements to disclose information relating to risk and capital levels, designed to exert the discipline of market influence. The Solvency II Directive (2009/138/EC) introduces this framework across the entire EEA, but with significant differences in detail from the current UK regime.
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