LONDON (Reuters) – Insurers in the European Union face a "comprehensive" stress test next year with risks from low interest rates a key focus, the bloc's insurance watchdog said on Monday.
"EIOPA will run a comprehensive stress test in 2014," Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority told the European Parliament.
"Following our market analysis and risk assessment, EIOPA identified a prolonged period of low interest rates as a potential threat to the stability of the EU insurance sector," Bernardino said.
He added it was a matter of urgency that the bloc finalises new capital adequacy rules for insurers known as Solvency II.
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