Europe’s four major industry bodies signed a joint letter to EU commissioner Michel Barnier objecting to onerous new capital requirements imposed by Brussels. The unprecedented step reflects growing concern at how the regulation, called Solvency II, will damage the industry.
The letter from industry bodies the PEIF, CEA and the CRO and CFO Forums, slammed parts of the draft rules as “excessively conservative and prescriptive” and said the changes would “risk driving insurers out of their long-term business”.
In response to this letter, the Commission and the European Insurance and Occupational Pensions Authority decided to meet with industry leaders regarding the areas of greatest concern. Karel Van Hulle, the Commission's chief Solvency II officer, will meet with representatives from the Chief Financial Officer Forum, the Chief Risk Officer Forum, the Pan European Insurance Forum, and the CEA, the European insurers trade association.
EU-Digest
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