1-MIN READ
Bank Of England Rules Out Big Capital Reduction For Insurers After Brexit
The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be part of the answer to meeting a 1.7 billion pound bill for COVID19 claims.
FOLLOW US ON:
LONDON: The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a 1.7 billion pound bill for COVID-19 claims.
Britain is reviewing the “Solvency II” rules for firms like Aviva, RSA and Lloyd’s of London insurance market that it inherited from the European Union amid calls from insurers and lawmakers for changes to keep the sector competitive.
UK Insurers Not Likely to See Cuts in Capital Requirements After Brexit: Bank of England
The Bank of England told insurers on Wednesday not to expect any big reduction in capital requirements after Brexit, adding that more capital could be “part of the answer” to meeting a 1.7 billion pound bill for COVID-19 claims.
Britain is reviewing the “Solvency II” rules for firms like Aviva, RSA and Lloyd’s of London insurance market that it inherited from the European Union amid calls from insurers and lawmakers for changes to keep the sector competitive.
“We are committed to upholding the principles of Solvency II – they are our principles, and given the amount invested by firms in implementing the Solvency II regime, we see no appetite to tear them up and start again,” said Anna Sweeney, the BoE’s executive director for insurance, told a Westminster Business Forum conference.
New Whitehall guidance tells departments to avoid low-ball bids
The government is considering how it can encourage contractors to increase direct employment and cut reliance on self-employed workers.
Department for Business, Energy and Industrial Strategy deputy director of construction Fergus Harradence said the government will draw on past experience to promote more direct employment. “We are currently looking at how we can use some of the mechanisms that are under our control to encourage higher levels of direct employment in relation to the delivery of government projects, building on successful examples of things like the Olympic Development Authority,” he said.