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LONDON (Reuters) - A review of the UK’s insurance capital rules will not lead to any “radical departure” or a reduction in requirements, but it will take time to complete, Bank of England Deputy Governor Sam Woods said on Tuesday.
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Britain’s exit from the European Union has prompted the government to review insurance capital rules inherited from the bloc, raising industry hopes of less burdensome requirements.
Woods, who also heads the BoE’s Prudential Regulation Authority, which regulates Britain’s top banks and insurers, played down any such expectations.
“Now that we have left the EU we have no interest whatsoever in lowering levels of resilience or policyholder protection, but we can and should make changes to tailor regulation so it fits our market better and is more efficient and coherent,” Woods told the Association of British Insurers (ABI).