Insurance Companies: Reform

Treasury written question – answered on 25th January 2023.

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Photo of Rushanara Ali Rushanara Ali Labour, Bethnal Green and Bow

To ask the Chancellor of the Exchequer, what financial assessment his Department has made on the effect of the proposed Solvency II reforms on the public purse.

Photo of Andrew Griffith Andrew Griffith The Economic Secretary to the Treasury

The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.

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