The Bank of England said on Friday that it would apply new European Union insurance regulations "proportionately", following industry fears that the central bank might seek to add extra rules for companies based in Britain. The so-called Solvency II rules, which take effect in 2016, aim to ensure that insurers such as Britain's Prudential and Aviva (Other OTC: AIVAF - news) hold enough capital to honour policyholder commitments even when markets turn sour. In a statement on Friday about how he intended to police the rules, BoE Deputy Governor Andrew Bailey said the British insurance industry already managed risks in the way the rules intended, unlike elsewhere in Europe. In January, a senior BoE official, Paul Fisher, said the central bank did not intend to use the new rules to require insurers to hold more capital has a buffer against losses.
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