The government has this week announced plans to slash red tape through reforms to insurance regulation – unlocking billions of pounds of investment in UK infrastructure by taking advantage of our increased freedom of action outside the EU.
- Whether you voted Leave or Remain, the majority of those who cast a ballot voted Leave and we are no longer part of the EU, which brings advantages and disadvantages. It would be silly not to make full use of the former while dealing with the latter.
- When Britain was subject to EU law, our insurance sector was subject to the Solvency II rules which have been in place since 2016 – but we now have an opportunity to create a new regime which makes it easier for insurance firms to unleash long-term capital and investment.
- So the UK government has announced reforms to the regulation of the UK insurance sector, including increasing the flexibility of insurers to invest in infrastructure, reducing the reporting and administrative burden placed on firms, and changing how credit risk is managed by businesses.
This plan will unlock growth and ensure businesses can spend more of their money investing, innovating, and creating jobs, as we seize on the opportunities of Brexit.