Industry welcomes moves by UK regulator to ease Solvency II burden
Insurance industry bodies in the UK have welcomed moves by the Prudential Regulation Authority (PRA) designed to ease the regulatory burden imposed on insurers as Brexit looms, particularly reporting requirements imposed by Solvency II.
A consultation paper published by the PRA proposes a number of changes to insurance reporting requirements under the Solvency II regime. It is estimated that Solvency II has increased the reporting burden by as much as a factor of eight.
Steven Findlay, head of Prudential Regulation at the Association of British Insurers (ABI), said: “We estimate Solvency II has resulted in the reporting burden on UK insurers increasing by between four and eight times. Today's move by the PRA proposing some reductions to this is another step in the right direction and will be particularly helpful to smaller firms in easing this disproportionate burden they are facing.
“These changes are part of a broader set of reforms that the UK insurance industry has proposed and the Treasury Select Committee recently endorsed. There still remains plenty of opportunity for the PRA to go further to ensure our insurance industry is able to fulfil a vital role in helping Britain thrive post Brexit.”
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