The ABI has called for a review of existing legislation by member state national regulators, to identify and address current barriers to an efficient European marketplace in insurance.
Director general Stephen Haddrill commented that insurance policyholders in Europe are currently prevented from receiving the full benefit of insurance by a long list of barriers:
. Member state tax policies that actively discourage the transfer of savings cross-border.
. Insurers with subsidiaries in different member states having to provide the same financial information to national supervisors, but in different formats.
. Some member states insisting on residency requirements for actuaries or branch manager.
. A requirement by some member states, e.g. Sweden, Germany and Belgium, for their savings products to have a guaranteed rate of return.
He said: "We must all put pressure on national authorities to solve the problems which they themselves have created. If member states are serious about creating a single market in insurance, they can make a good start by questioning their own regulations."
