Post-Brexit UK Urged To Drop 'Unnecessary' Solvency Rules
Law360, London (February 19, 2021, 3:11 PM GMT) -- The U.K. government must ditch "unnecessary information requirements" from a European Union directive that set out how much money insurers hold, an Insurance broker said on Friday, as Britain begins to make its own rules after Brexit.
Willis Towers Watson said that British insurers should continue to make public disclosures about their capital holdings. But the broker stressed that the amount of information they are forced to hand over to regulators should be reduced.
The EU's Solvency II Directive, which came into force in 2016, was designed to protect markets from financial shock by requiring insurance companies to hold significant capital...
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