Law360, London (May 24, 2021, 4:22 PM BST) — A fundamental reform of solvency regulations for British insurers could free up additional capital, causing a “ripple effect” across the economy, an executive at KPMG said on Monday.
James Isden, insurance director at the professional services company, said the government has the opportunity after Brexit to overhaul aspects of the European Union’s Solvency II Directive, tailoring regulations to fit the U.K. market. The move could cut the cost of insurance for policyholders and create new jobs, he added.
HM Treasury launched a consultation in October on reforming the EU directive, which governs how much capital insurers are required to retain to allow them…
