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FEATURE: European regulations leave insurance firms punch drunk
13 May 2010
The European Commission keeps churning out new plans, guidelines and consultations that could greatly affect insurers’ business. Reactinons makes sense of it all.
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solvency ii
ceiops
block exemption regulation
ber
Committee of European Insurance and Occupational Pensions Supervisors
QIS 5
Michaela Koller
cea
Since the end of March the European Commission has published a partial renewal of the block exemption on normal competition rules for the industry and said that it would carry out another review of the subscription market, published guidelines on horizontal co-operation that directly impacts the use of standard policy conditions by the industry, and held a public hearing on the recently published Level II Implementing Measures for Solvency II.
To make matters worse for European insurance company managers none of these important items are anywhere near completion and the latest slew of papers and comments from Brussels bigwigs has thrown up many more questions than answers.And international insurers and reinsurers based outside of the European Union, such as the Bermuda and big US companies, cannot ignore all this noise and focus on the big regulatory and taxation issues building up a head of steam on that side of the...
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