LONDON, March 16 (Reuters) - A review of rules for the
insurance sector after Brexit will take time to complete, but it
will not lead to any "radical departure" or a reduction in
capital requirements, Bank of England Deputy Governor Sam Woods
said on Monday.
"Now that we have left the EU we have no interest whatsoever
in lowering levels of resilience or policyholder protection, but
we can and should make changes to tailor regulation so it fits
our market better and is more efficient and coherent," Woods
told the Association of British Insurers.
"That process will take some time but it will work better if
the detailed rules are placed into our rulebook."
(Reporting by Huw Jones; editing by John Stonestreet)
