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Chancellor meets with industry to progress solvency II reforms

The Chancellor of the Exchequer, Rishi Sunak, and Economic Secretary, John Glen, met with executives from the insurance industry yesterday (27th June) as part of its ongoing consultation on post-Brexit reforms to Solvency II insurance regulations.

The Chancellor set out that he was eager to seize post-Brexit opportunities to develop rules that suit the needs of the British people and business – and that reforms to Solvency II would form a key part of this, unlocking tens of billions of pounds of investment into the economy.

At the meeting, the Chancellor discussed with industry the government’s three key objectives for the reforms:

  • To spur a vibrant, innovative and internationally competitive insurance market in the UK.
  • To ensure policy holders remain protected and firms remain financially stable
  • To support insurance firms to invest in long-term capital such as infrastructure, to boost growth and support jobs.

The Chancellor valued the perspective of industry, and their input will inform the government’s final package of reform.

He also made clear that also that the aim is to deliver these ambitious reforms at pace, with our consultation closing on Thursday 21st July – but noted that they are complex in nature and the importance of getting these changes right.

Notes to editors

  • Solvency II sets out the regulatory requirements for insurance firms within the EU. This includes financial resources, governance and accountability, risk assessment and management, supervision, reporting and public disclosure. It was introduced to harmonise EU-wide insurance regulation and came into force in 2016
  • Industry attendees were:
  • Hannah Gurga – Director General, Association of British Insurers
  • Charlotte Clark – Director of Regulation, Association of British Insurers
  • Amanda Blanc – Group CEO, Aviva
  • Clare Bousfield – Managing Director Retail and Savings, M&G
  • Nigel Wilson – Group CEO, Legal and General
  • Tracey Blackwell – Group CEO, Pension Insurance Corporation
  • Rakesh Thakrar – Group CFO, Phoenix
  • Tom Pearce – Managing Director, Rothesay
  • Barry O’Dwyer – Group CEO, Royal London and President, ABI
  • Antonio Lorenzo – CEO, Scottish Widows (part of Lloyds Banking Group)
  • Link to Solvency II consultation
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