The Prudential Regulation Authority and the Financial Conduct Authority are determined to streamline authorisation process for foreign insurers looking to foray in the UK.
While creating a number of jobs, this strategy is likely to boost the economic growth of the country.
In an "action plan" for the insurance industry, the Britain’s finance ministry was quoted by Reuters as saying, "The Prudential Regulation Authority and the Financial Conduct Authority have committed to ensuring that the authorisation process for prospective insurers is as streamlined as possible."
The recent success experienced by the US broking giant Aon, which relocated its headquarters to London last year, has moved the UK government to rethink ways to streamline processes for potential global insurers.
In order to attract foreign insurers to establish their base in the UK, the government has planned to slash corporation taxes and pledged to invest nearly $41bn in transport and energy projects over the next five years, to improve the country’s infrastructure.