Cyprus Mail

More consumer protection in financial sector

File photo

By Stelios Orphanides

The government is looking for new ways to boost protection for insurance policyholders even if insurers lose their licence for failing to meet tougher regulatory standards.

Georgiades told the Cyprus Business Mail that “we have requested external technical assistance to review the insurance supervisory service with a view to enhance its capabilities”.

Cyprus’s request, which according to sources familiar with the matter was filed at the European Insurance and Occupational Pensions Authority, an independent body advising European institutions on matters related to financial stability, came as the island is preparing to implement the Solvency II European directive.

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