LONDON -(Dow Jones)- U.K. insurer Legal & General Group PLC (LGEN.LN) said Tuesday that there are still "significant uncertainties" for the U.K. life insurance industry surrounding the new Solvency II capital-requirements regime set to be implemented across the EU in early 2013.
"The uncertainties around the transition arrangement around annuities is probably the largest degree of uncertainty," L&G Chief Financial Officer Nigel Wilson told reporters.
"We're just not sure how that's going to get resolved at the moment. We like the language, we like the approach that's been taken in discussions. We just don't know the conclusions of the discussions. We probably won't know that til mid- to late-2011," Wilson said.
Observers have said that the question over annuities could determine whether U.K. insurers will be forced to raise more capital to meet Solvency II requirements, a prospect that might in turn force insurers to raise the price of insurance coverage.
http://www.foxbusiness.com/markets/2010/11/09/lg-solvency-ii-poses-uncertainties-uk-insurers/
------------------------------------------------------------------------------------------------------------------------------------------------
You can read the rest of the article at the link. Yet again the EU sticks it’s oar in where it’s not wanted with stupid and unnecessary legislation that hinders growth instead of helping the economy. Better off out.
No comments:
Post a Comment