The House of Commons Treasury Committee ("TC") is looking at the case for changing, or even replacing, Solvency II in a post-Brexit world. Its inquiry provides firms and industry bodies with perhaps their best opportunity to influence the future content of UK insurance regulation. The possible endorsement by the TC of views expressed by industry is likely to be particularly persuasive in future deliberations by the PRA.
This "at a glance" guide looks at demands for reform put by industry to the TC and at the PRA’s response to some of the questions being asked of it.
In previous "at a glance" briefings, we have considered the need for businesses to prepare for the UK's exit from the EU. Please see:
- Brexit - "at a glance": implications for insurers
- Brexit - "at a glance": implications for insurance intermediaries
- Brexit - "at a glance": key issues for lobbying by insurers
In addition to the briefings referred to above, the Herbert Smith Freehills Brexit hub contains a range of materials on the implications of Brexit for businesses.
If you would like to speak to us about any of the legal and regulatory issues raised by Solvency II or by Brexit, please contact a member of our team.
Click here to visit our Brexit hub page.
The contents of this publication are for reference purposes only and may not be current as at the date of accessing this publication. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action based on this publication.
© Herbert Smith Freehills 2020