British insurers assoc attacks 'one size fits all' regulation
Friday 15 October 2010 - by Will Henley
The head of the UK‚Äôs largest insurance trade body has hit out at European regulatory efforts, suggesting that insurers are at risk of being unfairly treated alongside bankers.
"Although we have come a long way, could we honestly say that in its current form it will achieve all the positive aspirations we have for Solvency II? No."
Craig insisted that the UK insurance industry was not against regulation as a whole, adding that she hoped the International Association of Insurance Supervisors would play a ‚Äúcentral role‚ÄĚ in setting new standards.
But she warned of ‚Äúdisagreements and compromises‚ÄĚ along the way and questioned the fairness of giving the insurance industry just one place on the board of the EU‚Äės new European Systemic Risk Board, which will monitor risks to the stability of the European-wide financial market.
‚ÄúI‚Äôll leave it to all your own personal judgments as to whether insurers - with their expertise in risk assessment - are adequately represented by having one member on this board when bankers have 27,‚ÄĚ she said.
Craig was speaking on Thursday in London at the Insurance Times Global Leaders' Forum in London.
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