UK Solvency II inquiry for reinsurers
Friday, 09 16 2016, Category: Insurance and Reinsurance, Country: United Kingdom
A UK inquiry into Solvency II (S2) and the impact of post-Brexit change is likely to look closely at capital requirements for annuities and at potential risks for reinsurers if future UK rules are not considered equivalent to S2, Fitch Ratings has said.
The Treasury Select Committee, which announced the inquiry on Tuesday, would not be responsible for deciding the UK's post-Brexit solvency regime. But its aim is to assess the impact of S2 on the competitiveness of the UK insurance industry and on insurers' ability to meet customers' needs, Fitch said.
Source: Intelligent Insurer