ABI Conference: Single European insurance regulator likely "within years"
The European insurance industry will eventually be regulated by a single continental body rather than a number of country regulators, Eiopa’s Carlos Montalvo Rebuelta has claimed.
According to Mr Rebuelta, executive director of the European Insurance and Occupational Pensions Authority, bodies such as the Financial Services Authority could be replaced by an all encompassing regulator for the entire continent "within years".
Speaking at the Association of British Insurers Biennial Conference, Mr Rebuelta claimed that while a European super regulator would still face some of the issues dealt with by domestic bodies it is still a possibility.
"Even if you move you to a single regulator in Europe it will not solve all the problems. I cannot put a precise timeline on it but I think we are moving towards that," he said.
He added: "I understand the merits of having it - not only in insurance. It is like little children, first they sit, then they crawl than they walk. We are basically starting to crawl. Let us walk."
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