To ask the Chancellor of the Exchequer what estimate he has made of the likely cost to (a) the public purse, (b) insurance companies and (c) individuals of implementing the draft EU Solvency II Directive. (292092)

[holding answer 12 October 2009]: A final estimate of the impact of the EU Solvency Directive cannot be made until the Commission publishes its proposals for Level 2 implementing measures. The Government’s initial assessment of the impact is set out in the Explanatory Memorandum on the Level 1 Directive EM 6996/08: Amended proposal for a Directive of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Re-insurance, Solvency II.