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SOLVENCY II FEARS
Amid fears that new European regulation will lead to an exodus of UK insurers, the Association of British Insurers has pledged to ensure that the European Union’s Solvency II directive is “acceptable to UK insurers so they can continue to be competitive”. An ABI spokesman said the directive was the “subject of ongoing discussions and negotiations”. “It is important that we get it right and that it is fair and reasonable,” he said, adding that an exodus of insurers “is not something you would want to see”. There has been speculation that Legal & General may leave the EU because of the proposed regulation.