UK finance minister pledges to reform insurance capital rules quickly

LONDON: Britain’s finance minister Rishi Sunak wants to reform capital rules for insurers “at pace” to seize post-Brexit opportunities, the finance ministry has said.

Sunak told insurance industry executives on Monday that reforming the so-called Solvency II rules would unlock tens of billions of pounds of investment.

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“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,” the ministry said in a statement on Tuesday.