It has been reported that Andrew Bailey, Chief Executive of the PRA, made a number of comments at a recent Reuters summit on financial regulation to the effect that some UK insurers will only meet Solvency II requirements on its entry into force on 1 January 2016 with transitional relief factored in.  It is reported that Mr Bailey said that some UK insurers will need more time to fully comply with the Solvency II Directive and may make greater use of transitional measures than previously anticipated.  Mr Bailey also said that the PRA will likely make a statement on the use of transitional periods prior to 1 January 2016.  It is also reported that Mr Bailey commented on the difficulty that investors will be faced with in comparing UK and Eurozone insurers under Solvency II as a result of a differential in the availability of long term data underlying the risk-free interest rate.