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Global capital standards needed for insurers: Zurich CEO

Posted On: Jul. 11, 2013 12:00 AM CST

Zurich Insurance Co. Ltd. CEO Martin Senn said the insurance sector needs global capital standards that are similar to the banking sector's Basel III standards, Reuters reported.

Mr. Senn told German newspaper Handelsblatt that the industry cannot "tolerate regulatory fragmentation in the long term." The Financial Stability Board is expected to release a list of globally important insurers in July 2013.

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