Solvency II, the forthcoming regulatory directive for Europe, has been labelled as “an object lesson in how not to make law”.
Steve Webb, UK’s Minister for Pensions, turned up the heat on the insurance space last month when he called the European Union to abandon the new changes that are being proposed by Solvency II, the ever-delayed package of regulatory guidelines that will shape the insurance business in the EU in the next few years.
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