EU Cracks Down On Risky Salary Practices At Insurers
Law360, London (July 26, 2019, 1:19 PM BST) -- Europe’s insurance regulator has set out rules to ensure that national supervisors in the bloc are consistent in their assessments of whether directors at insurance firms are being persuaded by pay incentives to take risks that could damage the sector.
The European Insurance and Occupational Pensions Authority has published draft rules on how domestic regulators should supervise salary and reward policies at insurance and reinsurance companies. National regulators use divergent methods of supervising risks caused by monetary incentives, because the European Union’s Solvency II Directive allows them discretion when supervising salaries, the insurance watchdog said.
EIOPA said its proposed rules will...
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