The FSA and Treasury are looking to obtain industry views on proposals to reduce the administrative burden on insurance companies operating in the European Union .
The aim of the plans, including the creation of ‘colleges of supervisers’, is to encourage more effective group supervision across EU insurers and reinsurers in a bid to give consumers better value.
They represent Britain’s contribution to the growth of prudential regulation of the EU insurance sector through the Solvency II process. The government also says they are an example of its attempt to proceed in its proportionate and risk-based approach to EU financial services rules.
A proposal put forward by the Chancellor of the Exchequer for the creation of colleges of supervisors is a key focus of the Discussion Paper.
Under these proposal, EU regulators would work more closely through supervisory colleges and improve the effectiveness and efficiency of their supervision of cross-border insurance and reinsurance groups.
EU insurance views sought by the FSA and Treasury
Financial Services > Income lnsurance > News
EU insurance views sought by the FSA and Treasury
Mon, 28 Apr 2008
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