UK Eyes Post-Brexit Barriers To Entry For Insurers
Law360, London (May 26, 2021, 1:51 PM BST) -- The Bank of England has said it is considering making it easier for start-up insurance companies or international insurers to operate in the U.K., in an attempt to improve competition in the domestic market.
Anna Sweeney, executive director for insurance supervision at the central bank, said on Tuesday that officials are reviewing the "barriers to entry" for the insurance market. The measures would involve cutting the time it takes for international players to apply for access to the U.K. market and reducing capital costs for startup insurers.
But she added that there has to be a balance between the benefits to consumers...
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