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Power to stop French insurers' payouts is for 'exceptional' times only, de Galhau says

( October 31, 2017, 17:25 GMT | Official Statement) -- MLex Summary: French life insurers would only be forced to suspend payments to policyholders in “serious and exceptional circumstances,” Banque de France Governor François Villeroy de Galhau has said, as he came out in support of controversial proposals to give supervisors more power to act in a financial crisis. In a speech, he said that insurance companies need to prepare for Brexit and make plans to continue servicing cross-border contracts that mature after March 2019.The speech follows....

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