Orlando, Fla.–U.S. insurers and reinsurers with operations in the European Union will need to conform to new solvency standards that should be in place by 2010, a top EU regulator has told the National Association of Insurance Commissioners.
That notice came from Karel Van Hulle, head of insurance and pensions-financial institutions with the European Commission in Brussels, one of two European regulators briefing the NAIC spring meeting on European solvency regulations in the works.
Mr. Van Hulle said creation of new solvency standards focusing on risk assessments from modeling will make it possible to use capital more efficiently.
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