Britain's proposed changes to capital rules for insurers could lead to the government having to bail out policyholders, as happened 20 years ago after the near-collapse of life assurance company Equitable Life, the Bank of England said on Monday.
and proposed looser rules for insurers and related investment companies which it said would help the sector to invest in infrastructure and boost economic growth.
BoE Deputy Governor Sam Woods said this case showed how risks could "come home to roost if there is not enough capital backing pensions". The BoE would not use proposed new powers for regulators to "reverse engineer" changes to insurance rules that went against the spirit of the government proposals, he added.
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