He said:
"The announcement by the Economic Secretary to the Treasury that there will be reforms to the Solvency II regime is one of the first signs that Brexit will be having a significant impact on UK insurers, and UK life insurers in particular. Although being branded as the UK 'slashing red tape' the EU itself is also undertaking a review of a number of the features of Solvency II as EU and UK insurers had previously expressed dissatisfaction with its operation. However UK authorised insurers will soon have the opportunity to take advantage of a revised insurance regulatory regime that should in principle give them advantages over EU authorised insurers, which is a tangible benefit to emerge from a Brexit process that has not been an easy one for the UK insurance sector."
