Insurance recovery and resolution: debate reignites as industry and regulators differ over framework proposals

The issue of recovery and resolution frameworks for insurers has been on the back burner at both EU and UK level for some time.  Following a consultation in 2012, the European Commission was due to publish proposals as long ago as 2013, which moved to late 2015.  In the UK, HM Treasury looked into the subject in 2012 but decided that at that stage insurers did not need a recovery and resolution regime.

It now looks like the heat is being turned up on this particular topic.  In a December 2016 discussion paper, the European Insurance and Occupational Pensions Authority (EIOPA) considered harmonising national recovery and resolution frameworks for insurers in the EU.  EIOPA's proposals could be seen as Financial Stability Board (FSB) driven, and a move to extend the requirements for global systemically important insurers (G-SIIs). Insurance Europe, a trade body of insurance associations, recently issued a press release confirming its view that proposals for substantially changing recovery and resolution rules for insurers are unnecessary.

Read more on this development on our Global Insurance Blog.

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