Europe and US clash over global regulatory framework
A global scheme of insurance supervision is proving a hard goal to achieve, with the US and Europe at loggerheads. Ellen Davis reports
To listen to some, the International Association of Insurance Supervisors’ (IAIS) goal of developing a global scheme of insurance supervision has already come unstuck. At one end of Main Street are US regulators, pistols drawn, saying they are not about to be held hostage to a Solvency II-style group capital framework. At the other end are European regulators and their allies, who say insurance regulation must become more harmonised globally, to alleviate a potential systemic risk event. Who is
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