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A survey of insurance trade associations by Insurance Europe has found that domestic regulators are increasingly "gold-plating" European Union's Solvency II rules by adding their own tougher requirements, reports Reuters.
Two-thirds of the associations surveyed said that local regulators had been hardening up the rules for Solvency II ahead of its implementation on Jan. 1, 2016.
Insurance Europe said that gold-plating has increased as only a quarter of the organizations surveyed in a June survey felt their regulators were hardening up rules.