European Insurers Say Stress-Testing Shakeup 'Too Costly'
Law360, London (October 15, 2020, 1:29 PM BST) -- European insurers took aim on Thursday at a proposed shakeup to the way in which the industry watchdog carries out market stress tests, saying the changes would be too complicated and costly to implement.
Insurance Europe warned that a plan to move to so-called multi-year stress tests would create "significant overheads" for insurers. The trade body was responding to a consultation by the European Insurance and Occupational Pensions Authority, which closed this month.
EIOPA carries out stress tests on insurers to ensure they can withstand market shocks and retain sufficient capital to pay out on claims. The last one took place in 2018....
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