Insurance Watchdog Seeks Single EU Resolution Framework

By Najiyya Budaly (October 11, 2021, 2:51 PM BST) -- Europe's insurance watchdog has called on lawmakers to develop a bloc-wide framework to ensure that insurers that fail will do so in a way that helps to maintain public confidence in the insurance market, after it found that policyholders face losses in nearly a third of resolution cases.

The European Insurance and Occupational Pensions Authority said on Friday that the EU must create a common recovery and resolution framework for insurance and reinsurance groups based in the bloc. This would "minimize the impact of failures and better protect policyholders," the authority said.

Policyholders suffered a loss of some kind in 30%...

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