New European Union proposals for imposing clear standards on the rapidly growing green bonds market have been welcomed by insurers.
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Gabriel Bernardino, the out-going Chairman of the European Insurance and Occupational Pensions Authority, reassured MEPs on the European Parliament’s Economic and Monetary Affairs Committee that the insurance sector was coping well with the implications of the Covid-19 pandemic.
European insurers are keeping up the pressure on European Commission (EC) to use the review of Solvency II to ensure they can continue to offer long-term life and pension products with guarantees and also contribute towards financing of the economy, a key expectation emerging from governments as they set out their national Covid-19 recovery plans.
UK insurers hopes that the Prudential Regulation Authority could ease some Solvency II regulations after Brexit have been boosted by the Chancellor of the Exchequer, Rishi Sunak.