Lloyds of London to spend £300m on new solvency rules

first_img whatsapp Lloyds of London to spend £300m on new solvency rules by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Wednesday 26 January 2011 3:55 am Lloyd’s of London expects to spend £300m preparing for the European Union’s new Solvency II capital rules for insurers, the chairman of the insurance market said.“It’s a huge task,” said Peter Levene, Lloyd’s of London chairman told Reuters Insider. “It’s costing Lloyds markets just to get ready for Solvency II £300m. It’s a lot of money and it’s a diversion of effort.”Lloyd’s said earlier this month it was on course to spend £250m preparing for the Solvency II rules designed to ensure that insurers hold capital in proportion to the risks they underwrite that come into force in 2013.Some insurers are worried the new regime could result in an unwarranted ratcheting up of capital requirements, eroding profits and pushing up prices for customers.“The concept behind is good but we need to get details right and it does take peoples’ eye off the ball,” Levene told Reuters on the sidelines of the World Economic Forum in Davos.Many insurers such as Allianz and Axa say they have big doubts about the rules, while reinsurer Munich Re has backed a five-year phase-in.The cost of adopting Solvency II for the industry as a whole is likely to be “significantly higher” than the European Commission’s estimate of 3bn euros (£2.5bn ), accountants PwC have said. John Dunne center_img whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com Show Comments ▼ Share Tags: NULLlast_img

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