City minister doesn’t think Euro crisis will further delay Solvency II implementation

Mark Hoban MP

The eurozone crisis is no excuse for stopping work on Solvency II, City minister Mark Hoban said this morning.

Delivering the keynote speech at the ABI’s Solvency II implementation conference in London on the same day that EU leaders met to thrash out proposals for a eurozone rescue package, Hoban said: “I don’t believe that instability in the Euro area means we should pull the plug on regulatory reform.”

He told the insurance industry representatives that the long delayed directive provided opportunities for the UK’s insurance industry.

He said: “It’s an opportunity for insurers to provide more granular products and to compete on economies of scale. Long term, I hope it will lead to increased investment returns.”