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Plans to Reform UK Insurance Capital Rules Not Part of 'Deregulatory Agenda': Minister


Plans to Reform UK Insurance Capital Rules Not Part of ‘Deregulatory Agenda’: Minister
Britain’s plans to change capital requirement rules for insurers following its departure from the European Union are about tailoring them to local conditions rather than any “gratuitous deregulatory agenda,” its financial services minister said.
Britain inherited the Solvency II insurance capital rules from the EU, which it left on Dec. 31. But UK insurers and lawmakers have long called for changes to make the rules more specific for the sector in Britain.
A consultation by the finance ministry on potential changes has just ended, with the insurance industry hoping it will lead to an easing in capital requirements. ....

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UK minister says insurance reforms not part of a 'deregulatory agenda'


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LONDON (Reuters) - Britain’s plans to change capital requirement rules for insurers following its departure from the European Union are about tailoring them to local conditions rather than any “gratuitous deregulatory agenda,” its financial services minister said.
FILE PHOTO: John Glen, local Member of Parliament for Salisbury and South Wiltshire, talks to the media in Salisbury, Britain, April 3, 2018. REUTERS/Hannah McKay
Britain inherited the Solvency II insurance capital rules from the EU, which it left on Dec. 31. But UK insurers and lawmakers have long called for changes to make the rules more specific for the sector in Britain. ....

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