Government’s position on Solvency II aims to spur innovation and competitiveness in insurance sector
The final policy position on Solvency II has been published today as part of the Government’s Autumn Statement.
The final policy position on Solvency II has been published today
Trevor Jones, Head of Insurance at KPMG UK, comments:
“The Government’s reforms on Solvency II are a strong step in the right direction for the insurance sector. The changes strike a sensible balance to enable additional investment and improve internal competitiveness, while ensuring the regulator has sufficient powers to scrutinise decision-making and the protection of policyholders.
“KPMG analysis has suggested that UK insurers could unlock up to £35 billion of surplus capital from the reform of the Solvency II Risk Margin, and we are pleased to see major changes to this element of the rules today.
“Improvements to the Solvency II Matching Adjustment can help deliver greater investment for the future, as long as they go hand-in-hand with the right processes and oversight.”
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