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UK: Fears over rules that may harm insurance competition

By  |  February 8, 2016

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.

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    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

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