Insurers Say Solvency II Reforms Could Release £95B For UK

Law360, London (February 23, 2021, 11:54 AM GMT) -- Insurers called on the government on Tuesday to loosen the restrictions in a European Union directive that forces them to hold capital reserves, saying the move could free up £95 billion ($134 billion) for them to reinvest in the economy as Britain begins to make its own rules after Brexit.

The Association of British Insurers, the sector's trade body, said that lowering the capital buffers that its members are obliged to maintain under the Solvency II Directive will allow them to plow tens of billions of pounds into the economy to help the country recover from the pandemic.

The EU's solvency...

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