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UK insurance capital rules are broadly right, says Bank of England

LONDON, Feb 10 (Reuters) - Britain’s insurers are broadly holding the right amount of capital to protect policyholders and there is no appetite to tear up the rules after Brexit, the Bank of England said on Wednesday

Britain is reviewing the “Solvency II” rules that it inherited from the European Union amid calls from insurers and lawmakers for changes to keep the sector competitive.

“We are committed to upholding the principles of Solvency II – they are our principles, and given the amount invested by firms in implementing the Solvency II regime, we see no appetite to tear them up and start again,” said Anna Sweeney, the BoE’s executive director for insurance.

Reporting by Huw Jones; Editing by Jon Boyle

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