UK insurers want EU rules to stay after Brexit
Saturday, 11 19 2016, Category: Insurance and Reinsurance, Country: United Kingdom
The European Union's capital rules for insurers should be copied into UK law after the country leaves the bloc to avoid "regulatory limbo," with only some elements changed to work better for UK consumers, an industry group said on Thursday.
The Association of British Insurers (ABI) lobby group said there was no appetite among members to completely replace the EU's Solvency II capital rules, which took years to adopt, and 3 billion pounds ($3.7 billion) to implement by January 2016.
"Solvency II has been part of the UK regulatory landscape and on UK insurers' radars for almost a decade," Hugh Savill, the ABI's director of regulation, said in a statement.