EU authorities threatens several countries with humiliating sanctions
The European Union has threatened France, Italy and Belgium with what it has called humiliating sanctions if they fail to curb their bloated budgets. The three countries were given three extra...
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EU authorities threatens several countries with humiliating sanctions - Video
British PM considers curbing benefits for migrants
U.K. Prime Minister David Cameron has announced sweeping changes to Britain #39;s welfare rules in a bid to curb a flow of European Union migrants into the country. He stepped back from challenging...
By: CCTV America
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British PM considers curbing benefits for migrants - Video
Additional EU Sanctions: Europe acts against self-proclaimed Ukrainian leaders
The European Union has published in its Official Journal a new sanctions list, which includes 13 representatives of the self-proclaimed unrecognised Donetsk and Luhansk People #39;s Republics...
By: UKRAINE TODAY
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Additional EU Sanctions: Europe acts against self-proclaimed Ukrainian leaders - Video
FRANKFURT: Some European insurers could have trouble meeting financial obligations to policy holders in the coming years if rock bottom interest rates persist, the EU's insurance watchdog EIOPA warned on Sunday.
"A continuation of the current low yield conditions could see some insurers having problems in fulfilling their promises to policy holders in 8-11 years' time," the European Insurance and Occupational Pensions Authority (EIOPA) said in a statement.
The watchdog has spent the last seven months testing how well insurers' capital safety buffers hold up against hypothetical challenges, to determine whether policy holders could be at risk in a financial meltdown.
It did not name individual companies that fell short in its tests, in contrast to the European Central Bank's review of banks that prompted a number of lenders to raise capital.
However, EIOPA said nearly one in four insurers would not meet its solvency capital requirement (SCR), a key regulatory threshold, in its "Japanese-like" test scenario, where interest rates remain low for a prolonged period of time.
ECB interest rates are effectively at zero, with further easing of credit conditions under preparation.
Low yields on relatively safe government and covered bonds hurt investment income at insurers, making their future obligations to policy holders increasingly strenuous to meet.
EIOPA's baseline stress test showed that the insurance sector in general was well capitalised.
"Nevertheless, 14 per cent of the companies representing 3 per cent of total assets, had an SCR (solvency capital requirement) ratio below 100 per cent," EIOPA said.
The ABI association of British insurers said in a statement that EIOPA's tests demonstrated that the European industry was "well placed ... and ready to cope with the extreme situations tested."
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European Union's insurance watchdog warns on low interest rate threat
(UPDATED) With more than 87.7% of the votes counted, three parties backing integration with the European Union win about 44% of the vote, while pro-Russian groups has about 40%
DECIDING THE FUTURE. A Moldovan citizen holds a child as he casts his ballot at a polling station in the Moldovan embassy in Bucharest November 30, 2014. Daniel Mihailescu/AFP
CHISINAU, Moldova (UPDATED) Pro-European parties edged out those backing closer ties with Russia in weekend parliamentary elections in ex-Soviet Moldova, which took place against the backdrop of the bloody conflict in neighboring Ukraine.
With more than 87.7% of the votes counted, three parties backing integration with the European Union won about 44% of the vote, while pro-Russian groups had about 40%.
The narrow victory means parties will face tough negotiations to form a government in the impoverished country that has a breakaway pro-Kremlin region where Russia has stationed troops, analysts said.
Sunday's (November 30) parliamentary vote came as Russia and the European Union are locked in a tug-of-war over the fate of ex-Soviet Moldova as well as against the deadly backdrop of a Moscow-backed separatist movement in the east of strongly pro-Western Ukraine.
Moscow does not want to part ways with Moldova, a former Soviet satellite where it has troops stationed in the Russian-speaking separatist region of Transdniestr, while the EU is keen to make Moldova a symbol of its own soft power strength.
In June, Chisinau signed a landmark association treaty with the EU in the face of bitter Russian opposition.
Moscow retaliated with an embargo on imports of many Moldovan foods.
Russia in October vowed to protect its citizens in Transdniestr, warning "those who don't think like us" not to meddle in the pro-Moscow breakaway region.
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Pro-European parties narrowly win Moldova polls