PRA fines Direct Line underwriter £10.6m
The Prudential Regulation Authority has fined UK Insurance Limited, a subsidiary and principal underwriter of Direct Line Group and now part of Aviva, £10.625m for a miscalculation of its Solvency II balance sheet during 2023 and 2024.
The PRA, part of the Bank of England, noted this led to UKI overstating its solvency to the authority and to the market.
According to the PRA, the miscalculation came from “ineffective preventative and detective controls and resourcing issues in its finance and actuarial functions”.
RelatedAviva to keep Direct Line for BusinessAviva, which partially exited direct SME commercial business in 2024, is keeping Direct Line for Business and does not view it as a challenger to brokers, Jason Storah, CEO
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