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Government consults over Solvency II reforms
United Kingdom | Publication | May 2022
The Treasury has published a consultation on reforms to the prudential regulatory requirements for UK insurers. This could affect buy-out capacity and pricing.
Insurers have been expecting this consultation since a speech by the Treasury in February 2022. The Government’s aim is to achieve a Brexit dividend by moving away from the Solvency II requirements for EU insurers which it views as excessively cautious. It hopes to free up some of the capital insurers are required to hold.
It remains to be seen what impact these developments will have on annuity and buy-out pricing – and in turn on areas such as scheme funding, endgame planning and Pension Protection Fund (PPF) levies.
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