Fewer than 10% of insurers responded to a Bank of England survey on how much it costs them to abide by Solvency II rules, as the government presses ahead with plans to loosen the capital regulation's burden on the sector.

Ahead of an overhaul to the regime announced by the government in its Autumn Statement in November, the Prudential Regulation Authority sent a survey in April to all firms falling under the rules to ask them how much it was costing them to meet their reporting requirements to the regulator.