FRANKFURT (Reuters) - Europe's insurers may get a single supervisor, mirroring a plan to centralize banking regulation under the European Central Bank, the head of the EU's insurance rule-making body said on Tuesday.
"It will be very hard to have a single supervisory mechanism for banks and completely fragmented national supervision for the big insurance groups in Europe," said Gabriel Bernardino, chairman of the European Insurance and Occupational Pensions Authority (EIOPA).
Keeping supervision as it is would create opportunities for arbitrage between regulatory systems as well as market distortions, he told the Euro Finance Week conference.
Establishing a single supervisor for banks was more urgent but the insurance sector needed to begin discussing a parallel path in the near future, Bernardino said.
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