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Major UK insurance rule change expected to come into force this year

By Fiona Maxwell ( June 22, 2023, 12:25 GMT | Insight) -- The controversial risk margin rule for insurers will be overhauled by the end of the year, the UK government said today, as it set out draft plans for regulations. The bulk of the new insurance rules will come into effect only at the end of 2024, but the finance ministry is expediting rule changes judged as more urgent. The risk margin changes should be in force by the end of 2023, while the matching adjustment changes should come into force by the end of June, 2024.Changes to some insurance capital requirements should come into force by the end of the year, the UK government said today as it set out plans to speed up rulemaking. ...

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