Andrew Kail, CEO, Legal & General Retirement Institutional (LGRI): “We are encouraged by the announcement from the Government that it intends to reform Solvency II. Legal & General is already involved in significant investments in the UK - focusing on ‘levelling up’. We have invested more than £30 billion, targeted at the areas of the UK that need it most. But, this is just the start. An overhaul of pension sector regulations will enable to us accelerate further investment around the country, delivering our purpose of ‘inclusive capitalism’ to all our communities.
“It is now key that these reforms are implemented in good time. Pension Risk Transfer is one of the fastest growing sources of UK investment with immense potential for future growth and we want to see that unlocked as soon as possible. We must not lose this opportunity to transform our economy for the better by unleashing the full power of pensions.”
Jonathan Drake, partner in the insurance team at DWF: "The announcement by the Economic Secretary to the Treasury that there will be reforms to the Solvency II regime is one of the first signs that Brexit will be having a significant impact on UK insurers, and UK life insurers in particular. Although being branded as the UK 'slashing red tape' the EU itself is also undertaking a review of a number of the features of Solvency II as EU and UK insurers had previously expressed dissatisfaction with its operation. However UK authorised insurers will soon have the opportunity to take advantage of a revised insurance regulatory regime that should in principle give them advantages over EU authorised insurers, which is a tangible benefit to emerge from a Brexit process that has not been an easy one for the UK insurance sector."
|
