General Insurance Article - Solvency II overhaul must put public interest first

The Institute and Faculty of Actuaries (IFoA) welcomes the Government’s long-anticipated consultation on ‘Solvency UK’, which represents a major opportunity to overhaul Solvency II to ensure it aligns with a post-Brexit world.

 We support HMT’s underpinning objectives for Solvency UK, including a prudential regulatory regime which:
 • fosters innovation and international competitiveness;
 • provides appropriate policyholder protection / soundness of firms;
 • facilitates long-term infrastructure and ‘green’ investment;
 • increases access to new insurers, widening consumer choice.

 IFoA president Louise Pryor said: “Any redesign of Solvency II to ensure ‘Solvency UK’ is fit for today’s current and emerging challenges needs to be a careful balance of the four factors set out by the government. The IFoA believes this mix is essential to deliver what is in the wider public interest, given the great potential of insurance investment in both levelling up and creating a more sustainable, green economy. However, this innovation needs to be balanced with consumer and policyholder protection.

 “I believe the actuarial profession can and will have a critical role to play in striking an appropriate balance here. For example, the profession has been taking a leading and active role in providing professional expertise and insight in navigating the road to Net Zero.”

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