Clarification of Approved Asset Regulations
8th August 2011The Insurance Business (Approved Assets) Regulations, 2008 (“the Approved Asset Regulations”)
The Commission confirms that US Government debt securities, despite the downgrading from AAA to AA+ by S&P, may continue to be treated as class 1 assets for solvency purposes whilst they remain rated AAA by Fitch and Aaa by Moody’s.
Fitch Ratings and Moody’s Investors Service are included on the Commission’s list of acceptable rating agencies to which reference is made in section 1(a)(iii) of the Approved Asset Regulations.
The Commission will keep the situation under review and issue further updates should it become necessary.
The Commission confirms that US Government debt securities, despite the downgrading from AAA to AA+ by S&P, may continue to be treated as class 1 assets for solvency purposes whilst they remain rated AAA by Fitch and Aaa by Moody’s.
Fitch Ratings and Moody’s Investors Service are included on the Commission’s list of acceptable rating agencies to which reference is made in section 1(a)(iii) of the Approved Asset Regulations.
The Commission will keep the situation under review and issue further updates should it become necessary.