The UK Treasury Committee is to undertake an inquiry into the introduction and operation of Solvency II -- the harmonised EU-wide insurance regulatory scheme -- to supplement its work on the relationships that the UK might now seek with the EU.
The aim of the inquiry is to understand the strengths and weaknesses of Solvency II in its existing form and its status in the context of insurance regulation internationally.
The objectives of the inquiry are to:
Consider the options for the UK insurance industry that are created by the decision
to leave the EU;
Assess any impact of Solvency II on the competitiveness of the UK insurance industry;
Examine the impact of Solvency II on the role of insurance in meeting the needs of UK customers and the wider UK business economy;
Assess any learning for both regulators and industry from its introduction.
The terms of reference can be viewed at: bit.ly/2dKXF7M