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Insurers in Norway, France, Austria hit by planned correction to interest rate 'mistake'

By Jack Schickler ( December 17, 2020, 15:50 GMT | Insight) -- Insurers in Norway, France and Austria will be hit hard by hikes in capital requirements as financial watchdogs propose to adjust to the era of negative interest rates, in a move which may see a 30 billion-euro change to the sector’s capital requirements. The European Insurance and Occupational Pensions Authority argues the interest-rate tweak is merely correcting a mistake, and hence exempt from the requirement to balance the books in a forthcoming review of prudential laws known as Solvency 2.Insurers in Norway, France and Austria will be hit hard by hikes in capital requirements as financial watchdogs propose to adjust to the era of negative interest rates, in a change which could see a 30 billion-euro ($36 billion) change to the sector’s capital requirements. ...

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