Industry and regulators face off over captives’ proportionality exception
Insurers are pressing for a widening of Solvency II's proportionality principle for captive insurers to allow all such businesses to use a streamlined version of the directive. Under the current text, captive insurers - off-balance sheet insurance vehicles designed to ring-fence particular risks - are allowed to do so provided they do not have liabilities in mandatory businesses, such as motor insurance.
Karel van Hulle, head of the insurance and pensions unit at the European Commission (EC)
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