off-the-wire

Britain's Treasury in discussions to speed up Solvency II reforms - FT

Kitco Media
By Reuters
Published:
Updated:
Reuters

Feb 10 (Reuters) - The British Treasury is discussing with insurance companies how to execute a two-stage implementation of EU-inherited Solvency II regime, the Financial Times reported on Friday, citing people familiar with the matter.

The British government was in "active discussions with the Prudential Regulation Authority, which supervises the insurance sector, and insurers as to how we can speed up implementation over the coming months," the newspaper quoted a Treasury source as saying.

PRA declined to comment while the Treasury did not immediately respond to Reuters request for comment.

The Bank of England had already proposed easing Solvency II, a set of capital requirements for insurers inherited from the EU, but insurers want more capital released.

British Finance Minister Jeremy Hunt in a speech last month said that reforms to the European Union's Solvency II rules will be implemented in the coming months, allowing insurers to invest more in the economy.

($1 = 0.8273 pounds)

Reporting by Gokul Pisharody in Bengaluru; Additional reporting by Sneha Bhowmik in Bengaluru; Editing by Muralikumar Anantharaman and Dhanya Ann Thoppil
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