EU Watchdog Wants More Centralized Insurance Regulation

Law360, London (February 4, 2021, 4:08 PM GMT) -- The European Union's national insurance regulators should eventually hand over powers to a "single supervisory mechanism" that is better suited to monitoring international insurers, the chairman of a watchdog said on Thursday.

Gabriel Bernardino of the European Insurance and Occupational Pensions Authority said rules in the sector must be applied with greater consistency across the EU. Bernardino, who will step down in March after 10 years in the role, said that consistency was essential in creating a "level playing field between the market participants."

"While a lot of progress has been achieved over the years due to the common efforts of EIOPA and...

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