“What planet are these guys on?” says Ward
Lloyd’s chief executive Richard Ward has criticised European regulators for publishing yet another set of guidelines for implementing Solvency II rules.
A new consultation from the European Insurance and Occupational Pensions Authority (Eiopa) would mean insurers reporting twice in one year.
Ward said: “What planet are these guys on?” adding: “They’re going through this bureaucratic, legal process.”
Ward said that complying with Solvency II rules had already cost Lloyd’s around £300m, according to the Financial Times.
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