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UK aims for quick reform of complex insurer solvency rules, says Sunak

© Reuters. FILE PHOTO: Britain’s Chancellor of the Exchequer Rishi Sunak arrives to speak at the Confederation of British Industry’s (CBI) annual dinner in London, Britain, May 18, 2022. Peter Nicholls/REUTERS

LONDON (Reuters) – Britain wants to reform its insurer solvency rules quickly, finance minister Rishi Sunak told insurance executives on Monday at a meeting to help to draw up so-called Solvency II reforms.

“(Sunak) also made clear that also that the aim is to deliver these ambitious reforms at pace, with our consultation closing on Thursday 21st (of) July – but noted that they are complex in nature and the importance of getting these changes right,” a treasury statement said.

Britain inherited Solvency II rules from the European Union, and reforming them is seen by the 2.2 trillion pound ($2.70 trillion) insurance industry and government as important for keeping the country’s financial sector globally competitive.

The public consultation will be followed by more detailed consultation by the Bank of England’s Prudential (LON:PRU) Regulation Authority later in the year. Legislation is likely to be needed to implement some of the changes.

($1 = 0.8140 pounds)

UK aims for quick reform of complex insurer solvency rules, says Sunak

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