In Europe, a handful of large insurers – some part of financial conglomerates – already play a central role in the financial system, although their individual links to banks and to other market participants do not currently seem to be over-concentrated. 4 The creation of ever larger champions, however, could change that picture.
The same holds true for the six Technical Groups which were, and here I quote from their mandate, “responsible for preparing proposals on specific aspects of the user requirements”. Thinking about the 800 pages of the URD, this is a bit of an understatement!