Prudential ramps up rhetoric over EU rules

Prudential, the insurance company, ramped up the rhetoric in March 2012 in its effort to persuade the European Commission to ditch contentious aspects of forthcoming insurance industry regulation, warning that the rules could wreck its prospects in the US unless policymakers made changes to how they are applied.

Separately, Otto Thoresen, director-general of the Association of British Insurers, warned that the proposals could 'prohibit insurers from driving growth in the UK'.

Solvency II was due to take effect at the start of 2014 with wide-ranging implications for insurers’ capital requirements, investments and data management.

ESO: Background information: Solvency http://www.europeansources.info/record/risk-management-and-supervision-of-insurance-companies-solvency-2/

ESO: Background information: Delays hit EU insurance revamp, says regulator http://www.europeansources.info/record/delays-hit-eu-insurance-revamp-says-regulator/

ESO: Background information: Barnier launches defence of insurance reform http://www.europeansources.info/record/barnier-launches-defence-of-insurance-reform/

BBC News, 13.3.12: Prudential warns new rules may force it to move from UK http://www.bbc.co.uk/news/business-17349829

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