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ABI's concerns about EC banking union impact on insurers spark mixed reaction

Nov 20 2012 Alex Davidson, Compliance Complete

The Association of British Insurers (ABI)'s concerns about how the European's Commission (EC)'s proposed banking union will affect insurance have sparked a mixed reaction. Otto Thoresen, director general of the ABI, flagged concerns about banking union, and the need for the Prudential Regulation Authority (PRA) to have adequate insurance expertise, in his presentation, "Insurance in the 21st Century: Our Social Purpose", at the actuarial profession's recent life insurance conference in Brussels. Although actuaries and Solvency II specialists later acknowledged some of Thoresen's concerns, particularly those around Solvency II delays, they suggested that the proposed union might also bring some benefits, and were generally sanguine about the level of insurance expertise the PRA might have. Afterthought Thoresen told delegates: "Banks offering insurance will be drawn into the supervisory sights of the European Central Bank. Euro zone national authorities will be drawn into close

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