Autumn Statement 22: Solvency II reform package outlined

In its consultation response, published by HM Treasury today (17 November), the government said it would introduce a "simpler, clearer, and much more tailored regime". In particular, it said it would cut the required risk margin significantly, with a 65% cut for long-term life insurance business. It said it would also increase investment flexibility by overhauling eligibility rules for the matching adjustments. And the government pledged to "slash red tape lingering from the European Union (EU)", which it said imposes "unnecessary burdens on firms, restricting innovation in our vib...