EU Watchdog Says Some Insurers May Face Bank Treatment

Law360, New York (November 21, 2012, 4:00 PM EST) -- The European Union's insurance supervisor warned Wednesday that insurers that branch into riskier noninsurance activities can expect those divisions of their business to be regulated as if they were banks, and also announced that some aspects of Solvency II could be phased in before 2016.

Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority, said at a conference that he recognized that insurance was not banking and that each sector had fundamental differences in its risks and business models. The insurance industry has frequently...
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