EU Plans For Capital Rules Are Burdensome, Insurers Say
Law360, London (November 4, 2020, 4:00 PM GMT) -- European insurers hit back at lawmakers on Wednesday over plans for an overhaul of the bloc's rules governing capital reserves, saying the proposals would be burdensome and force insurers to hold too much money in their coffers.
Insurance Europe, a trade body that represents the sector, has written with other insurance bodies to the European Commission to say that the bloc's insurance watchdog is taking the wrong approach to a review of the legislation on capital buffers.
The insurers said that the current review of the capital buffer rules, the Solvency II Directive, would result in a significant increase in the amount...
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