Britain eyes 'quick win' post-Brexit insurance reform, say BoE official

The central bank's regulators will look to rejig so-called Solvency II regulations in Britain

  

LONDON - Britain is considering "quick win" reforms to capital rules for insurers after the Brexit transition ends, a senior Bank of England official said on Wednesday.

The central bank's regulators will look to rejig so-called Solvency II regulations in Britain as quickly as it can, Victoria Saporta, executive director of prudential policy at the BoE told the Reuters Events Future of Insurance Europe conference.

The rules were inherited from the bloc and Brexit gives Britain a free hand to amend them.

Areas of focus include tweaking risk margins, regulatory reporting and rules around Libor, Saporta said, adding that regulators would need to work with the Treasury and Parliament to make some changes.

(Reporting by Iain Withers, editing by Huw Jones) ((Iain.Withers@thomsonreuters.com;))

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