Barnier launches defence of insurance reform

The European Commission hit back at criticism from insurance companies that new capital rules were too conservative, claiming that the changes were necessary to protect policyholders and improve an outdated regime.

In a letter Michel Barnier, EU internal market commissioner, told four leading insurance industry bodies that 'criticisms levied against Solvency II, particularly that calibrations are too high, have not been confirmed by evidence'.

ESO: Background information: Solvency http://www.europeansources.info/record/risk-management-and-supervision-of-insurance-companies-solvency-2/

ESO: Background information: Brussels bows to pressure over Solvency II http://www.europeansources.info/record/brussels-bows-to-pressure-over-solvency-ii/

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