UK Chancellor of the Exchequer, Rishi Sunak, has said that he aims to deliver reforms to Solvency II insurance capital rules “at pace,” following meetings with industry executives.
Sunak and Economic Secretary John Glen met with senior re/insurance executives this week as part of the UK Government’s ongoing consultation on post-Brexit reforms to Solvency II insurance regulations.
The Chancellor set out that he was eager to seize post-Brexit opportunities to develop rules “that suit the needs of the British people and business,”and that reforms to Solvency II would form a key part of this.
With the consultation set to close on July 21st, the Chancellor added that he intends to deliver reforms swiftly, while also acknowledging that any changes will be complex to implement.
Key objectives for government in making reforms include fostering an internationally competitive insurance market in the UK and ensuring that policy holders remain protected and firms remain financially stable.
Leaders also want to help insurance firms to invest in long-term capital such as infrastructure, to boost growth and support jobs.
The Chancellor believes that reforms to Solvency II could unlock “tens of billions of pounds” of investment into the economy.
