Chloe Smith
MP for Norwich North
 
Feb
22

UK slashes red tape through bold reforms to insurance sector regulation

Author: Chloe Smith, Updated: 22 February 2022 15:23

Yesterday the Government announced plans to slash red tape through reforms to insurance regulation to unlock billions of pounds of investment in UK infrastructure as we seize on Brexit opportunities.

Due to EU law, our insurance sector has been subject to the Solvency II rules since 2016 – but there is now an opportunity to create a new regime while making is easier for insurance firms to unleash long-term capital and investment.
 
That is why the Government have 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 the UK seizes on the opportunities of Brexit.

For further information, please visit: https://www.gov.uk/government/news/uk-slashes-red-tape-through-bold-reforms-to-insurance-sector-regulation

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