Tensions are growing between Downing Street and UK regulators over Boris Johnson’s flagship post-Brexit reform of the insurance sector, which aims to unleash an “investment big bang” in British infrastructure.
The prime minister has told allies he is “getting impatient” over the pace of change to the so-called Solvency II rules and with what he believes are excessively cautious regulators. “He keeps asking why it isn’t happening,” said one.
Insurers have lobbied for years for the Solvency II regulatory regime to be amended, arguing it requires them to hold too much capital and is too restrictive in setting the parameters for which assets they can invest in.
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