EU Insurers Want Global Standards To Mesh With Block Rules

Law360, London (August 28, 2019, 8:18 PM BST) -- Insurers asked the European Commission to make sure new global insurance standards are applied equally when they take effect in November so the European industry is not at a disadvantage as a result of its existing capital requirements.

Insurance Europe and the Pan-European Insurance Forum, which represent insurers and reinsurers, asked the European Union's executive to ensure insurance companies across all jurisdictions are treated equally during the first five years of the new global standard, known as the insurance capital standard, or ICS.

In a letter published Wednesday, the groups urged the commissioner in charge of financial services policy, Valdis Dombrovskis,...

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