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Germany's financial watchdog Bafin said that stability is needed in the insurance sector over the next couple of years to adapt to Solvency II regime that will take effect on Jan. 1, 2016, reports Reuters.
"We don't need Solvency IV or Solvency III," Frank Grund, a Bafin official said.
Insurers needed two to three years to work on their new internal models, said Mr. Grund.
Meanwhile, Scor S.E. CEO Denis Kessler said that any further moves to strengthen regulation are likely to affect economic growth.