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John Glen, local Member of Parliament for Salisbury and South Wiltshire, talks to the media in Salisbury
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MONEY & COMPANY:
UK minister says insurance reforms not part of a ‘deregulatory agenda’


SUBMIT PICTURE: John Glen, regional Member of Parliament for Salisbury and South Wiltshire, speaks with the media in Salisbury, Britain, April 3, 2018. REUTERS/Hannah McKay

February 23, 2021

By Huw Jones and Carolyn Cohn

LONDON (Reuters) – Britain’s strategies to alter capital requirement guidelines for insurance companies following its departure from the European Union have to do with customizing them to regional conditions instead of any “gratuitous deregulatory agenda,” its monetary services minister stated.

Britain acquired the Solvency II insurance capital guidelines from the EU, which it left on Dec. 31. However UK insurance companies and legislators have actually long required modifications to make the guidelines more particular for the sector in Britain.

An assessment by the financing ministry on prospective modifications has actually simply ended, with the insurance market hoping it will result in a relieving in capital requirements.

“This isn’t about a gratuitous deregulatory agenda, but proportionate and appropriate changes to reflect the situation happening in the UK,” financing minister John Glen informed the Association of British Insurance Companies’ (ABI) yearly conference.

The Bank of England has actually likewise alerted insurance companies not to anticipate any huge decrease in capital requirements after Brexit.

Jon Dye, chair of the ABI, stated insurance companies were not trying to find “huge capital reduction at the expense of policyholder protection”.

“There’s plenty of scope for practical reform here that utilises the UK’s ability post-Brexit to have a regulatory system designed for the UK market, not the aggregated needs of 28 countries.”

The EU is worried Britain may utilize its departure from the bloc to attempt to acquire a competitive benefit.

Modifications to the Solvency II program might maximize 95 billion pounds ($134 billion), which insurance companies might utilize to purchase locations such as dealing with environment modification, according to research study by experts KPMG for the ABI.

Charlotte Gerken, an executive director at the Bank of England, informed a later on conference session that “we are not looking for increase or decrease … but are interested in the evidence as to … what is the amount of capital that is about right”.

Gerken stated insurance companies had actually been durable throughout the pandemic under the present program.

($1 = 0.7099 pounds)

(Reporting by Huw Jones. Modifying by David Goodman and Mark Potter)

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Hmm. yes i understand the
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15 years since I've been following the news, no 10 my folks do that, hmm. what was the question again !?
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MONEY & BUSINESS: UK minister says insurance reforms not part of a ‘deregulatory agenda’

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