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International

Billions spent on complying with Solvency II a waste: Legal & General CEO

March 16, 2016 Reprints

London-based insurer Legal & General Group P.L.C. CEO Nigel Wilson has said that 80% of up to £5 billion ($7 million) spent by the country's insurance industry on Solvency II has been a waste, reported The Independent.

This amount could have been better spent on British infrastructure, said Mr. Wilson.

L&G spent £170 million to comply with the rules between 2009 and 2015.

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Billions spent on complying with Solvency II a waste: Legal & General CEO

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