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"We urge the negotiators that will now take part in the trialogue discussions in the European Parliament, Council and Commission to ensure that insurers can continue to provide complementary pensions and other retirement savings products at a reasonable price for consumers", said Michaela Koller, director general.
We recognise that the current text contains the package that could, in principle, ensure that risks are correctly measured and avoid artificial balance sheet volatility, but regret that it currently includes inappropriate restrictions that would prevent these measures from working as intended.
"Such a situation could lead to unnecessary increases in the cost of complementary pensions and other retirement savings products for consumers, and could drive the European insurance industry to move away from long-term guarantee products as a result of regulation, rather than any underlying reasons related to the economy or the risk", said Koller.