06 APR 2011
By Martyn Brown | Daily Express
INSURANCE companies rounded on the EU yesterday over controversial reforms that could lead to higher pensions and insurance bills in Britain.
Experts said changes to the governing of insurers will have “dire consequences” for millions of customers.
It strengthens the Daily Express campaign for Britain to leave the EU.
The proposed Solvency II rules, which come into effect from 2013, could make the industry more vulnerable to economic downturns and force companies to charge higher prices, they said. The heads of four leading insurance industry bodies raised their concerns in an open letter to Michel Barnier, European Commissioner for Internal Market and Services.
They wrote: “Stakes are high and time is running out: a failure to properly implement this reform would have dire consequences for an industry that represents a significant component of the EU economy, capital markets, old age savings and jobs.”
The Solvency II framework is being formulated by the European Insurance and Occupational Pensions Authority and the European Commission.
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