Insurers Urge EU To Remove Barriers To Market Access
Law360, London (November 17, 2020, 4:47 PM GMT) -- Europe's insurers on Tuesday told policymakers that the bloc's tough capital rules for the sector are obstructing their access to policyholders based outside of the European Union, as the sector looks to remain competitive across the world.
Insurance Europe, a trade body, told the European Commission that the EU's Solvency II framework has become a barrier to insurers serving customers based outside of the bloc.
The onerous capital requirements damage the insurance industry's ability to maintain and grow its international presence, the group said. This is because international competitors do not have to follow rules that are as stringent.
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