German insurance watchdog seeks regulatory calm
Monday, 11 30 2015, Category: Insurance and Reinsurance, Country: Europe
The insurance industry needs stability over the next couple of years to adapt to the sophisticated risk capital rules known as Solvency II that will finally come into force on Jan. 1, according to German financial watchdog Bafin.
"We don't need Solvency IV or Solvency III," Frank Grund, Bafin chief executive director of insurance and pension funds supervision, said on Friday.
Speaking at a Paris conference, Grund added that insurers needed two to three years to work on their new internal models.