Law360, London (May 7, 2019, 11:12 AM BST) -- Insurance companies in Europe have urged their central regulator not to extend its oversight of the industry, warning the supervisor that it risks exceeding the brief handed to it by the European Commission.
Insurance Europe, the voice of the industry, told the European Insurance and Occupational Pensions Authority that the bloc's capital rulebook, the Solvency II Directive, is sufficient to prevent risks from the industry spreading to the wider financial system.
“There is no justification for new macroprudential measures for EU insurers,” Insurance Europe said in a statement on Monday. “The scope of EIOPA’s work in this case goes beyond what...
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