EU Reinsurers Call For Extension To Brexit Transition

By Martin Croucher (October 7, 2021, 10:27 AM BST) -- European reinsurers have called on the U.K. to extend a post-Brexit breathing space until the government issues a new capital adequacy regime for the sector.

Insurance Europe, a looby group based in Brussels, said on Wednesday that the so-called temporary permissions regime, which allows reinsurers on the Continent to continue to operate in Britain after Brexit, should not end before changes to the Solvency II Directive are implemented.

The British government is planning an overhaul of the European Union rules, which govern how much capital insurers are required to hold in reserve to allow them to withstand market shocks and be...

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