Solvency 2 in the collimator of British insurers

The potential cost of Solvency II is disturbing British insurers who made it clear to their appropriate minister. Following the financial crisis, the European Committee of Supervisors (Ceiops) has required that British insurers raise their equity capital from 30 to 70 billion GBP (from 48 to 113 billion USD).
This amount, close to the capitalization of the sector's companies, will seriously jeopardize the insurance business in the country, by turning it into a non-profit-making activity. The retirement of many companies will ensue.