European insurance - CRO Forum rejects calls for pro-cyclical capital margins


The Chief Risk Officers' Forum has rejected the idea that measures to reduce pro-cyclicality should include increasing capital reserves in good periods to mitigate against strains in more troubled economic times.

Both the UK's Turner Report, published in the second quarter this year, and the Rasmussen report commissioned by the European Parliament in the second half of 2008 called for some form of counter-cyclical capital regime to be applied to financial services groups.

However the CRO Forum

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