UK Prepares To Write Solvency II Into Domestic Law
Law360, London (October 10, 2018, 11:39 AM BST) -- The U.K. Treasury has unveiled draft regulations to preserve the Europe Union’s Solvency II capital regime for insurers after Brexit, quashing industry hopes that Britain will quickly soften the rulebook’s toughest demands.
The exchequer said late on Tuesday that the key demands under Solvency II, in force since January 2016, will not change after Britain leaves the European Union on March 29, 2019. The news comes despite calls for rollbacks by Britain’s life insurers, who want their hefty capital buffers against longer term business such as annuities swiftly reduced.
Solvency II forces insurers to shore up capital reserves to shield them...
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