US insurers call for Solvency II equivalence
Amid proposals by the US government to introduce federal-level insurance supervision, the US insurance industry is lobbying EU regulators to speed up plans to assess US supervisors. According to current EU thinking, satisfactory assessments would lead to non-EU supervisors being declared 'equivalent', permitting US companies to assign diversification benefits to their EU subsidiaries.
According to Gideon Pell, chief risk officer of New York Life and chair of the solvency committee of the Group of
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