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EIOPA tests new capital rules after life insurers protest

Jan 28 2013 Jonathan Gould, Reuters

The European Union's insurance regulator has launched a new study of proposed capital and risk management rules which insurers fear will make some of their staple products unviable. The European Insurance and Occupational Pensions Authority (EIOPA) on Monday set a nine-week deadline for insurance companies to test what impact changes to the so-called Solvency II rules would have on their operations. Insurers expect the study to show that a major rewrite of rules applying to life insurance will be needed, adding to repeated delays in the introduction of the new regime. EIOPA expects Solvency II will come into force no earlier than January 1, 2016 but Germany's insurance regulator has already said that a 2017 start may be more realistic. "If these seemingly technical details of the new regime are not correct, the impact on the European insurance industry, its clients and the economy would be severe," said Olav Jones, deputy director general of Insurance Europe. Some life insurance

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