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German insurers' capital needs may exceed $13.5 billion by 2016: Watchdog

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Insurers in Germany may have to build up more than €10 billion ($13.5 billion) in extra regulatory capital by 2016 to meet the Solvency II requirements, the country's insurance watchdog said.

Felix Hufeld, head of insurance supervision at Bafin, said no German insurer was underprepared for the new European risk rules, Reuters reported.

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