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Responding to comments in today’s Telegraph newspaper by Lord Flight, Hugh Savill, Director of Regulation at the Association of British Insurers, said: |
“The suggestion that UK insurers could do business without taking account of European regulation is pie in the sky. This suggestion would mean that British insurers who wish to operate in Europe, the largest insurance market in the world, would have to run two solvency regimes, two capital requirements, two different sets of bureaucratic regulation. This would also make it harder for markets to make comparisons between UK and other European insurers – and could potentially lead to UK insurers being undervalued and less attractive to do business with. |
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