and insurance liability risks affect insurance prices and regulation. In the unique equilibrium of the benchmark … less sensitive to insurer liabilities. When the aggregate asset and liability risks are below respective thresholds … tighter as either the aggregate asset or liability risk increases. The aggregate asset and liability risks could have opposing …

The European Commission recently put forward a proposal for a regulation to amend and strengthen the 2009 version of … the EU's rules on the regulation of credit rating agencies ("CRA3"). Among other things, Art. 35a of the draft proposal … introduces strict liability for rating agencies. This liability proposal is at odds with the aim to strengthen competition in the …