Regulators’ body receives 20,000 submissions on proposals

European regulators’ group the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) has had 20,000 comments on the proposed Solvency II rules, the FT reports.

It has until the end of October to analyse them.

Abandoned principles

The European insurance federation, CEA, said CEIOPS had “abandoned the principle-based and economic approach it has adopted in favour of crude ratcheting up of financial requirements”.

The Association of British Insurers (ABI) this warned the UK government that the changes could force the industry to double its equity base.

Germany’s insurance industry association, the GDV said that European insurers would need much more capital than expected and this could lead to a significant increase in insurance premiums.

New rules next year

The European Commission has to complete its drafting of the next stage of the rules by the end of next year.