Proposals for a controversial new European framework directive, Solvency II, are set to alter the regulatory landscape for insurance companies.The proposed new rules require far more transparency than is currently the case. Commenting on the proposals, Peter Vipond, director of financial regulation and taxation at the Association of British Insurers, said: 'Solvency II will bring a much more open market, with the removal of arbitrary restrictions and barriers to trade across the single market, and a far more streamlined approach to the supervision of cross-border insurance groups.'
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