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Investing.com -- The UK government announced Tuesday it is planning to "proceed at pace" to implement a captive insurance framework by mid-2027.
In its response to a consultation on a UK captive framework, the government revealed that the Financial Conduct Authority and Prudential (LON:PRU) Regulation Authority plan to consult on policy proposals in summer 2026.
The government received 42 responses from the insurance sector during the consultation.
These responses generally supported the high-level proposals while emphasizing the need to simplify regulations and reduce capital requirements.
"The government’s view is that a new captive insurance framework will help cement the UK’s position as a leading international jurisdiction for insurance and risk management business," the consultation response stated.
It added that "improving the UK’s captive insurance offering can also support the government’s wider aim to promote growth in the economy, both via expanding the range of insurance services that can be offered in the UK and also by giving businesses in the UK a greater range of risk management options."
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