British insurers better off outside E.U.: Official

Lord Turnbull, former head of the U.K. civil service, has said that the country's decision to leave the European Union could be beneficial to the insurance sector and insurers may be better off outside the bloc, reported The Telegraph.

Lord Turnbull described E.U.'s Solvency II as "absolutely dreadful," saying that the regulatory framework has damaged competitiveness and constrained the sector's ability to expand. London would also become more attractive to some insurers if it was outside the E.U., added Mr. Turnbull.

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