Bank of England will not 'go soft' on EU insurance rules

LONDON, Feb 27 (Reuters): The Bank of England will not "go soft" on enforcing European Union capital rules for insurers, although it will look at ways to make it easier for new entrants to boost competition in the industry, its deputy governor Sam Woods said on Tuesday.

The BoE's Prudential Regulation Authority, which Woods also heads, is consulting on how to ease the burden of the EU's Solvency II rules, which insurers say are overly burdensome.

British lawmakers have heavily criticised the BoE for not easing up on EU capital rules, which in some cases are forcing business to shift overseas to avoid heavy capital charges.