NAPF: EU Solvency II proposals could undermine provision
Insurance regulatory capital framework is "inappropriate" for the European pension industry, say organisations
Plans by the European Union to introduce Solvency II rules to the pensions industry run the risk of undermining pension provision rather than strengthening it, industry bodies have warned.
In a formal response submitted yesterday to the European Commission (EC) Green Paper on Pensions, the National Association of Pension Funds (NAPF) said the proposed solvency regime, which would mirror the system adopted by the EU for the European insurance industry, was inappropriate.
The Association said
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