Sunday, September 28, 2025
24.2 C
Lagos

Solvency II Has Cost UK Insurers £3bn – Report

UK insurers have spent more than £3 billion implementing Solvency II, the Independent on Sunday reports.

FTSE 100 insurers told the paper that the cost of complying with the new European Union capital regime, which has yet to come into force, had far surpassed the FSA’s original £1.8 billion estimate.

The Independent on Sunday noted that the cost could keep rising as there is as yet no end in sight. Solvency II has been beset by delays. The implementation date has been delayed to 1 January 2014, and there are some indications that the new rules will not come into force until 2016.

Some observers even suspect the new capital regime will be sidelined altogether and will never get off the ground.

A source told the paper: “Billions have been spent on Solvency II, with a high probability that the UK will end up with a regulatory regime not much different from the current one, which after all worked perfectly well even through the financial crisis.”

Expected compliance bill busts the FSA’s £1.8 billion estimate.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Varsity Don Harps on Benefits of Soybeans, Fish Consumption

Professor Adewolu Morenike, professor of Fish Nutrition at the...

Adeosun: ‘FG Committed to Infrastructure Financing’

The Minister of Finance, Mrs. Kemi Adeosun yesterday emphasised...

CBN: New Naira Notes Ready by December 15, 2022

Press Remarks by CBN Governor, Godwin Emefiele on Issuance...

Google Slashes Political Lobbying to $3.8m

Google slashed spending on lobbying by 25.5 percent in...

How to Influence people with new fashion trends

Elementum nulla turpis cursus. Integer liberos kusto euismod aene pretium faucibus ...

Consumers Association Backs NAICOM on ‘No Premium, No Cover’ Policy

The Insurance Consumers Association of Nigeria (INSCAN) has expressed...
spot_img

Related Articles

Popular Categories

spot_imgspot_img