CEA SEEKS CUT IN VOLUME OF INSURANCE LEGISLATION

European insurance association CEA has urged the European Commission (EC) to drastically cut the volume of legislation affecting the industry and asked instead that existing laws be better implemented. The CEA, which represents 31 national insurance associations, admitted that “for operators, the European Union regulatory framework is often burdensome and complex”, but said that its concern was that “recent legislation and regulatory work had led to a regulation overload with a certain degree of duplication”. Responding to the CEA’s intervention, director-general of the EC’s internal market directorate Alexander Shaub said that the situation demanded a “pause for reflection regarding implementations of the commission’s financial services action plan”.