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Article: Insurance industry wants a larger voice in oversight; Proposed European systemic risk regulator geared toward banks.(NEWS)
- Article from:
- Business Insurance
- Article date:
- September 28, 2009
- Author:
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MICHAEL BRADFORD
European risk managers and insurers say the insurance industry is woefully underrepresented in the European Commission's proposed system of supervising financial services companies.
As proposed, banks would have significant representation in a new group to mitigate systemic risk in Europe's financial services markets, but insurers and reinsurers would have only a single authority to represent their interests.
That concerns some market participants, who argue that insurers should be considered in a regulatory light separate from banks because the industries have distinct differences.
"Our concern is that we may ...