EIOPA says Solvency II rules must not be watered down

The European Insurance and Occupational Pensions Authority has urged the European Union not to water down Solvency II capital rules, even as insurers say the new regulatory scenario is overly complicated, Reuters reported.

EIOPA chairman Gabriel Bernardino said "technical provisions" in the rules should be "as prudent as they can be" as they are the "basis of policyholder protection." Mr. Bernardino also said that an agreement on a final Solvency II date is "urgently needed… to avoid market fragmentation" as uncertainty over the matter is affecting insurers' plans.

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