EU Proposals On Capital Demands Unnecessary, Insurers Say
Law360, London (February 26, 2019, 3:56 PM GMT) -- Insurers have said that proposals by the European Union to impose tougher requirements on the sector on capital reserves and reporting to regulators are not necessary as they will duplicate the bloc’s existing capital regime.
Insurance Europe, an industry group, said plans drawn up by the European Systemic Risk Board — which wants to reduce risks to the EU’s market — to ramp up reporting and capital requirements for insurers will replicate wider regulation already in place under the bloc’s Solvency II directive.
The existing rules already mean that it would be unlikely that Europe’s insurance activities will lead to systemic risks...
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