European insurers may need to beef up protection for policyholders: EU
LONDON (Reuters) - Insurers in Europe may need to put aside money to protect their policyholders should they become insolvent, and regulators should be able to be shut them down swiftly without the need for taxpayer bailouts, a top EU official said on Wednesday.
However the European insurance industry body said it opposed such moves, saying there were already safeguards in place and that the new requirements could hit the sector’s global competitiveness.