The European Chemical Industry Council (Cefic) supports the objective of the draft Industrial Emissions Directive (IED) but it believes that it would be more effective in ensuring sustainable environmental protection if it took greater account of differing local needs and circumstances.
E.C. guidelines on horizontal competition will allow standard policy conditions so long as they are transparent, open and non-binding.
Insurance buyers in Europe are worried that Solvency II will drive capacity out of their core industrial insurance lines. Derek Austin found that many run-off experts believe that policyholders may find themselves faced with more complex schemes of arrangement and commutations as a result.
European insurance and reinsurance buyers should support an effort by the Bermuda market to gain equivalent status under Solvency II or face tighter capacity in future. Adrian Ladbury asked the Bermudians why Europeans should care about their market’s status in Europe.
During a series of interviews with Bermuda market leaders Commercial Risk Europe found general support for the goals of Solvency II and certainly for the equivalence push. But they also warned against overzealous implementation that would produce a poor result for them and for their customers. Adrian Ladbury reports.
The U.K.’s Law Commissioner for Commercial and Common Law, David Hertzell, believes that aspects of the current law that governs disclosure in the commercial insurance market favours insurers over buyers.
The Federation of European Risk Management Associations (FERMA) has welcomed the adoption of the new European Union insurance block exemption regulation (BER) that partially exempts insurers from normal competition law.
Senior representatives of the European Parliament and Commission last week reassured insurance buyers that their concerns about Solvency II are being listened to and that pressure to ensure that captives enjoy simplified treatment is under serious consideration.
The Bermuda insurance and reinsurance market has stepped up its campaign to gain early recognition by the European Commission as an equivalent non-European country that would enable Bermuda companies to trade freely in Europe under Solvency II, the planned new capital adequacy regime.
The European insurance industry appears to have made some headway in its ongoing effort to persuade regulators and politicians that the recent credit crisis does not justify a severe increase in capital requirements for the insurance as well as the banking sector.