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The Actuary The magazine of the Institute & Faculty of Actuaries

Fighting for UK insurance

The ABI director general, Kerrie Kelly, newly arrived in London from her role in Australia, gave a hard-hitting speech challenging government and the EU to make insurance more competitive. Attacking the structure of UK corporate taxes and the new 50% top rate of tax, she warned of the dangers to London’s place as a global centre for insurance, citing the competition from Asia or locations such as Bermuda.

On Solvency II, she warned: “It remains intensely frustrating that what was originally a sensible and well-considered directive, designed to assist the smooth operation of the single market by delivering a common risk-based regime of capital requirements and supervision has instead become a vehicle for European regulators to require layer upon layer of additional capital”. Her particular ire was reserved for the “extreme conservatism of the CEIOPS advice”. CEIOPS is the Committee of European Insurance and Occupational Pensions Supervisors.