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Failing UK insurers to see earlier intervention under finance ministry proposals

By Fiona Maxwell ( May 20, 2021, 11:47 GMT | Insight) -- Where an insurer looks likely to fail, insurance regulators and an appointed court individual will have the power to intervene earlier, according to proposals published today by the UK's finance ministry. It has proposed five changes, including enhancing the power of the courts to order a writedown in the value of an insurance contract.The UK’s insolvency regime for insurers will be amended by the finance ministry with an aim to reduce the disorderly failure of insurance companies and provide continuity for policyholders....

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