Asked by: Rushanara Ali (Labour - Bethnal Green and Stepney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what financial assessment his Department has made on the effect of the proposed Solvency II reforms on the public purse.
Answered by Andrew Griffith - Shadow Secretary of State for Science, Innovation and Technology
The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.
Asked by: Rushanara Ali (Labour - Bethnal Green and Stepney)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, what recent assessment his Department has made of a potential impact of the Government's proposed Solvency II reforms on the level of risk to the financial stability of the banking sector.
Answered by Andrew Griffith - Shadow Secretary of State for Science, Innovation and Technology
The Solvency II reforms strike a careful balance between boosting growth and maintaining high standards of policyholder protection. Insurers will still have to hold enough capital to withstand a 1-in-200-year shock. They will still have to adhere to high standards of risk management and will still be comprehensively supervised by our world-class independent regulator. The Government has announced a suite of additional supervisory measures the PRA will be taking forwards to hold insurers to account in maintaining safety, soundness, and policyholder protection.