Speaking to underwriters and brokers in London today Mark Hoban warned the European Insurance and Occupational Pensions Authority (EIOPA) needed to ensure that the new rules were imposed across the European market to create a level playing field for the EU’s underwriters and could not be adopted piecemeal leaving those nations and firms which have adopted the new rules at a disadvantage.

He said: “the UK is a strong supporter of Solvency II, it will support financial strength across the sector.

“Solvency II should increase cross border competition and provide opportunities for the UK’s insurance firms. Many UK firms have global footprints and have operations in some of the world’s fastest growing economies such as India and Brazil.

“We are working to ensure that international regulation is far and that European firms are not put at a disadvantage to that of their international rivals. That challenge is not just outside of the European Union and EIOPA needs to deliver the full and consistent implementation of Solvency II across the member states to ensure there is a level playing field.”

Mr Hoban was speaking to a meeting of the Insurance Institute of London and said the UK had created a new regulatory regime as the lessons of the financial crisis are learned.

“In the past the Financial Services Authority had a remit to oversee conduct alongside the prudential issues and as we saw so much of the focus was on conduct that the prudential issues were not fully examined.

“Under the new regime we will have two bodies which will have individual responsibility for conduct and prudential regulation.”