Opposition to merging bank and insurance supervisory authorities has been stated by EU insurers – 17th May 2017


Merging the European Union’s insurance and banking supervisory authorities could weaken financial supervision, top insurers said on Tuesday. Britain’s departure from the European Union means that the European Banking Authority must move from its base in London to elsewhere in the EU with a string of cities jostling for it. But Brussels policymakers have suggested it could be merged with the Frankfurt-based European Insurance and Occupational Pensions Authority or EIOPA. The bloc was already reviewing supervisory arrangements put in place after the 2007-09 financial crisis. “There is also no evidence that another EU supervisory structure would work better and justify the costs, risks and years of uncertainty that would accompany any significant structural changes,” Insurance Europe said in a statement. Insurers have long resisted being lumped in with banks, fearing they will end up being regulated more harshly.

 

Huw Jones, Reuters