Insurance Europe call for changes in EU insurance regulation

Insurance Europe has published recommendations for EU policymakers to amend the existing industry regulation to improve the quality of services and benefit customers.

The industry association said it supports legislation that focuses on consumers’ protection and helps them to buy the right products but added the current EU financial services regulation does not always achieve such objective.

The study calls for EU lawmakers to: avoid continual regulatory changes; avoid legal; avoid inconsistencies, overlaps and duplication; avoid unfit rules and disclosures that mislead consumers; avoid outdated rules and obstacles to pro-consumer innovation and avoid implementation timelines that are too short.

Insurance Europe stated: “Insurers have to deal with the immediate negative consequences of the trial and error approach to EU legislation, but the ultimate losers are consumers. The increase in compliance costs and risks has a negative effect on insurers’ ability to provide the variety and quality of services that consumers expect. Europe’s new legislators have a clear opportunity to take a fresh approach to financial services legislation.”

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