EU Capital Rules Too Onerous For Insurers, Industry Says
Law360, London (September 30, 2019, 1:32 PM BST) -- Europe’s capital rules are “unnecessarily burdensome” for some of the bloc’s insurers, the sector said Monday, because national regulators are not allowing companies that present less risk to follow relaxed requirements.
Insurance Europe and the Association of Mutual Insurers and Insurance Cooperatives in Europe called on the European Commission to improve the so-called proportionality measures under the EU’s Solvency II Directive. The measure allows national regulators to impose less stringent requirements for capital reserves on insurers that are smaller or less complex, or less likely to collapse, which means they pose a lower risk to the wider financial system.
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