The UK’s treasury committee has raised concerns about the EU’s Solvency II directive.
Following the UKs vote to leave the EU, the treasury has agreed terms of reference to launch an inquiry into the regulation.
The inquiry will explore the impacts of the directive, and the options now available to the UK, in more detail.
Andrew Tyrie, member of parliament and chairman of the treasury committee, said: "Brexit provides an opportunity for the UK to assume greater control of insurance regulation.”
“The Solvency II directive came into force in January, only after a heap of concerns had been expressed about it. Among its manifest shortcomings was the failure to secure value for money over its implementation.”
“The treasury committee will now take a look at the Brexit inheritance on insurance to see what improvements can be made in the interests of the consumer."
