(Reuters) – Britain’s Treasury is in discussions to speed up a post-Brexit reform that will unlock 100 billion pounds ($120.88 billion) of investment from UK’s insurance sector, the Financial Times reported on Friday, citing people familiar with the matter.
British officials are discussing whether to pursue a two-stage implementation of the European Union’s Solvency II regime, the report said.
The British government was in “active discussions with the Prudential Regulation Authority, which supervises the insurance sector, and insurers as to how we can speed up implementation over the coming months,” the newspaper quoted a Treasury source as saying.
The Treasury and the PRA did not immediately respond to Reuters’ requests for comment.
The Bank of England had already proposed easing Solvency II, a set of capital requirements for insurers inherited from the EU, but insurers want more capital released.
British Finance Minister Jeremy Hunt in a speech last month said that reforms to the European Union’s Solvency II rules will be implemented in the coming months, allowing insurers to invest more in the economy.
($1 = 0.8273 pounds)
(Reporting by Gokul Pisharody in Bengaluru; Editing by Muralikumar Anantharaman)
