The government has admitted it cannot predict the impact of Solvency II capital requirements on consumer prices.
A written question tabled by Labour MP Chris Leslie asks the Chancellor about the discussions he had with his EU counterparts on Solvency II and "what assessment he has made of the potential effect on consumer prices of implementation of the capital requirements under consideration".
In reply, financial secretary to the Treasury Hoban said: "The potential effect on consumer prices of implementation of the Solvency II capital requirements cannot be sensibly estimated yet as the rules are still not finalised.
"The Government continue to work closely with the Financial Services Authority and with industry to ensure a full understanding of the potential effect on consumer prices."
Another part of Leslie's question asks about the size of the annuities market and Hoban quotes the ABI's estimate of total premiums of £10.8bn and liabilites of £130bn in 2009.
The Solvency II regulatory regime will come into effect across Europe in January 2013.
A recent report by PwC suggested over 40% of insurers are only in the preparatory stages of their Solvency II projects, or have yet to begin.
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