5th July 2011
The EU level regulator for insurers and pensions companies, the European Insurance and Occupational Pensions Authority, says that 13 firms would fall foul of its planned solvency requirements.
The insurers were theoretically in deficit by a collective £3.9bn when subjected to an ‘adverse' scenario i.e. another financial crisis.
EIOPA also tested exposure to sovereign bond exposure and found that 5 per cent of participating groups could fall short of the minimum capital requirements.