Solvency Regs In Spotlight As UK Weighs Post-Brexit Revamp
Law360, London (June 24, 2020, 12:41 PM BST) -- The government will launch a review of the Europe Union's regime for insurance capital requirements later this year in a planned shakeup of financial services regulation following Britain's exit from the EU's regulatory framework in December.
Chancellor Rishi Sunak said in a written statement on Tuesday that the government will weigh unpopular elements of the Solvency II Directive to establish whether they are "properly tailored to take account of the structural features of the U.K. insurance sector."
The Treasury has published a policy statement on prudential standards after Brexit, which govern the amount of capital companies are required to retain.
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