Brexit leaves insurers playing regulation waiting game

Local regime likely to be tougher than Solvency II, although risk margin might change

Bankers and lawyers say within hours of last week's UK vote to leave the EU they were fielding questions about whether Solvency II would still apply for UK insurance companies.

Across the industry, the chance of any big change is seen as remote. "The UK would want to be deemed an equivalent regime, so I don't see relief from a Solvency II-like setup," one UK insurance chief risk officer (CRO) tells Risk.net. But insurers are still guessing at whether a future regime will be wholly unchanged or