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

Posted On: Mar. 16, 2016 12:00 AM CST

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.