Daily Digest: PRA launches Solvency II consultation, R&Q losses climb to £33m, Axa sets new carbon targets

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PRA launches consultation on Solvency II reformsThe Prudential Regulation Authority has launched a consultation on a major set of reforms to Solvency II. The reforms aim to create a new UK regulatory regime for insurance firms, known as Solvency UK, which is “better adapted to the UK insurance market”. The proposals include “streamlining” reporting requirements for all firms and “substantially simplifying and improving” flexibility in the assessment of internal models. The reforms also aim to encourage new entrants into the UK insurance market.