European insurance resolution needs major reform – ESRB
Insurance sector’s contribution to systemic risk has increased but tools are insufficient, report says
The European Systemic Risk Board (ESRB) is calling for a major reform of the recovery and resolution framework for insurance firms across the European Union.
Europe’s insurance sector, especially the “life insurance segment” is making a bigger contribution to systemic risk than previously, the ESRB says in a report, Recovery and resolution for the EU insurance sector: a macroprudential perspective, published on August 17. But the resolution and recovery systems in place are not adequate to deal
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