The CEA insists that the differences between the business models of insurers and banks should be taken into account in any regulatory changes. Solutions designed to solve problems in the banking industry are not automatically applied to insurance.
The CEA expressed its support for developing stronger and more suitable regulatory and supervisory frameworks on a global scale. “The G20 can provide the global co-ordination and co-operation that are essential in any measures taken to improve the supervision of financial services,” said Tommy Persson, president of the CEA said.
The CEA comment to the G20 members insists that the differences between the business models of insurers and banks should be taken into account in any regulatory changes. “It is of utmost importance that solutions designed to solve problems in the banking industry are not automatically applied to insurance,” says the CEA.
The CEA letter also reiterates its support for the proposed Solvency II regulatory regime, with its economic risk-based approach to supervision. It also expresses its strong support for the appropriate supervision of financial institutions at group level.
Press release
Letter
© CEA - Comité Européen des Assurances
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