France rails against profit-sharing effect in QIS2

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The French insurance regulator, the Autorite de Controle des Assurances et des Mutuelles (ACAM), has highlighted concerns that using discretionary profit sharing as a way of absorbing insurance risk can, in certain stress scenarios, make solvency capital requirements (SCR) go very low - and even, at times, fall below zero.

Between May and July, insurers across Europe ran a series of tests as part of the EU's second quantitative impact study (QIS2), to see how they would be affected by having to

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