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Insurance Europe highlighted the concerns that the European insurance industry has faced over elements of FSB’s financial regulatory reform work following the financial crisis, which affected the insurance sector.
Insurance Europe agreed that the objectives and scope of the FSB proposed framework are appropriate, albeit incomplete, and suggested a list of key changes to improve its content. For example, the FSB framework should include both ex-ante and ex-post evaluation, and incorporate feedback from all relevant stakeholders.
Insurance Europe also reiterated that the evaluation should investigate whether existing and planned standards work as intended and do not contribute to procyclicality or create market distortions. It advocated for the framework to become an integral element in all current and future reforms and regulations, as it represents a valuable assessment tool for policymakers at both national and international level.