A review of rules for the insurance sector after Brexit will take time to complete, but it will not lead to any “radical departure” or a reduction in capital requirements, Bank of England Deputy Governor Sam Woods said on Monday.
“Now that we have left the EU we have no interest whatsoever in lowering levels of resilience or policyholder protection, but we can and should make changes to tailor regulation so it fits our market better and is more efficient and coherent,” Woods told the Association of British Insurers.
“That process will take some time but it will work better if the detailed rules are placed into our rulebook.”
-Reuters