BoE proposes ‘Solvency UK’ insurance reforms
Government overruled central bank on tightening a key element of the rules
The Bank of England proposed major reforms to UK insurance regulation today (June 29), although it deferred a controversial element of the plans after the government rejected regulators’ arguments.
The changes to Solvency II form a major element of the government’s plans to capitalise on greater regulatory freedom post-Brexit. Under the “Solvency UK” proposals, published today, the BoE said it sought to eliminate “onerous” capital requirements, boost flexibility and encourage competition.
The
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