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Treasury sets out bold reforms to Solvency II

Economic Secretary to the Treasury, John Glen MP, has delivered a speech to the Association of British Insurers Annual Dinner which set out bold reforms to Solvency II. The proposed reforms include:

Mr Glen said that the new UK regime will facilitate market developments, support the entry of new and innovative firms and allow for the release of capital for productive investment.

Treasury intends to launch a consultation on the proposed UK reforms to Solvency II in April 2022. This will be followed by a more detailed technical consultation by the PRA later in the year.

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