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The Association of British Insurers has said that U.K. insurers have spent at least £3 billion ($4.47 billion) to comply with Solvency II regulations, Bloomberg reported.
More than 400 U.K. insurers are likely to be affected by the rule, which comes into effect on Jan. 1, 2016. Insurers are required to have enough capital on their balance sheets to deal with a one-in-200-year shock under Solvency II, said the ABI.