Implementation costs estimated to rise as FSA consults on Solvency II transition

FSA also outlines how UK regulatory reform will align with Solvency II regime


Implementing Solvency II will cost UK insurers up to £200 million more than previously estimated, the Financial Services Authority (FSA) said as it launched a consultation on the transposition of Solvency II into UK law.

The regulator now estimates that the one-off cost to the insurance industry of implementing Solvency II in the UK will be £1.9 billion from 2008 to 2013. An earlier estimate had put the cost at around £1.7 billion.

The FSA said it had increased its estimates as a recent survey

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