Editor's comment: Bowing out from Brussels
Complaining about the influence of the European Union on British affairs is almost as much a talking point as the weather in the UK, but insurers have fair grounds. Since Solvency II was first proposed, many in the UK insurance industry believe the Financial Services Authority has done its best to ‘gold plate’ it, taking it beyond what many consider necessary — and certainly beyond other EU countries.
Indeed, with a combined spend close to £3bn, with hundreds of extra actuaries being employed and millions of man hours spent on internal models, insurers have been forced to jump through hoops to
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