Chris Leslie MP, Shadow Financial Secretary, today called on the Chancellor to initiate higher level debate on the effects of Solvency II on UK policyholders and business.
In July Mr Leslie tabled written parliamentary questions to Ministers seeking clarification on what the Treasury is doing to contribute to the ongoing discussions on Solvency II.
Mr Leslie warned that if handled incorrectly, the Solvency II could lead to higher premiums and reduced protection to policyholders. It could also have a negative effect on the UK annuity market.
“While care needs to be taken when listening to the predictions of harm to customers made by insurance companies themselves – who clearly have an interest in protecting profitability – there are now so many anxieties being expressed that the time has come for a wider debate at a higher level, something that George Osborne should take more seriously,” Mr Leslie said in a comment article published on Solvency II Wire.
There are currently ongoing discussions in Europe to set the final text of the Solvency II Directive. Once the Directive text is finalised it will become UK law.
Mr Leslie added, “There is far too little discussion of Solvency II in Parliament, but the responsibility to protect the interests of UK industry and consumers cannot rest with the government alone. The industry must be more active in bringing these issues to the attention of political decision-makers across the board.”
Read the full article: Is The Government Ready For Solvency II? 

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