The Chancellor of the Exchequer, Rishi Sunak, and Economic Secretary, John Glen, met with executives from the insurance industry today as part of its ongoing consultation on post-Brexit reforms to Solvency II insurance regulations.
The Chancellor set out that he was eager to seize post-Brexit opportunities to develop rules that suit the needs of the British people and business – and that reforms to Solvency II would form a key part of this, unlocking tens of billions of pounds of investment into the economy.
At the meeting, the Chancellor discussed with industry the government’s three key objectives for the reforms:
- To spur a vibrant, innovative and internationally competitive insurance market in the UK.
- To ensure policy holders remain protected and firms remain financially stable
- To support insurance firms to invest in long-term capital such as infrastructure, to boost growth and support jobs.
The Chancellor said he valued the perspective of industry, and their input will inform the Government’s final package of reform.
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.
