The UK government and regulators have launched a push to change key aspects of the new Solvency II regime for insurers — citing concerns that is making some companies less competitive, reported the FT.
In submissions to the European Commission late last week, the Treasury and the Bank of England highlighted areas that they would like to see altered, with the government calling for a wider and earlier review of the rules than is planned.
Solvency II, which took 13 years to develop and cost billions of pounds to implement, came into force on January 1. An initial review of the rules’ impact is due to take place in 2018.
“Our experience of implementing Solvency II to date is already raising issues around the impact of the framework on long-term investment and competitiveness of the European insurance industry,” wrote the UK Treasury in its submission.
Full content: The Financial Times
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Former Pioneer CEO Accused of Colluding With OPEC: FTC Refers Case for Potential Criminal Probe
May 2, 2024 by
CPI
South Korea’s Antitrust Regulator Greenlights K-Pop Powerhouse Deal
May 2, 2024 by
CPI
Exxon’s Pioneer Purchase Approved, Former CEO Barred from Board
May 2, 2024 by
CPI
Colorado Senate Rejects Bill Barring Rent-Setting Algorithms
May 2, 2024 by
CPI
Bayer Faces US Antitrust Suit Over Pet Meds Competition
May 2, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI