UK govt extends consultation period on SII reform

Written by Adam Cadle

30/11/2020

The UK government has extended the period of consultation into the Solvency II (SII) review by one month to 19 February 2021.

The government seeks views on how to tailor the prudential regulatory regime to support the unique features of the insurance sector and regulatory approach in the UK.

HM Treasury said the review is underpinned by three objectives:
• to spur a vibrant, innovative, and internationally competitive insurance sector
• to protect policyholders and ensure the safety and soundness of firms
• to support insurance firms to provide long-term capital to support growth, including investment in infrastructure, venture capital and growth equity, and other long-term productive assets, as well as investment consistent with the government’s climate change objectives.

Responses can be submitted to SolvencyIIReview@hmtreasury.gov.uk.

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