EU Insurance Watchdog Admits Need For Extra Muscle

Law360, London (November 20, 2018, 12:08 PM GMT) -- Europe’s top insurance watchdog said on Tuesday that it will beef up its supervisory powers to help it prevent regulatory lapses by insurers carrying out cross-border business, after the European Court of Auditors criticized its oversight of national regulators.

The European Insurance and Occupational Pensions Authority admitted that it should "act more intrusively" and consistently when it assesses insurance companies that do business across European Union borders. The watchdog was responding to a hard-hitting report by the European Court of Auditors — a panel appointed by the European Council to improve financial management — which accused it of failing to streamline its regulation...