Law360, London (October 22, 2019, 3:11 PM BST) -- European insurers rejected calls from the sector's top regulator for a new common rule book across the bloc for compensating policyholders if insurers go bust, saying on Tuesday that member states already have suitable rules in place.
Insurance Europe, a trade group representing the sector, said it opposes the European Union’s push to introduce so-called insurance guarantee schemes — uniform rules protecting consumers when insurers cannot cover customer losses.
The regime, which would mandate minimum coverage across the bloc, would “create significant costs” and “involve complex challenges for which there may not be acceptable solutions,” Insurance Europe said.
Insurance guarantee programs are...
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