Last month's introduction of the Solvency II directive set the stage for a new era of global insurance solvency regulation and with it the possibility of resolving long-festering cross-ocean trade issues.
Thomas Steffen, chair of the Committee of European Insurance and Occupational Pension Supervisors, said limiting material discretion remains key to the project.
“Solvency II is not just about capital,” he said. “It is a change in behavior for the sake of enhanced consumer protection, financial stability and efficiency of insurance markets.”
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