While the concept of mortgage insurance has remained relatively unknown in Europe, PMI Europe - which set up shop some three years ago - is hoping to change that.

Earlier this year the group appointed Christian Pierotti (see ASR 6/11/05) as head of its governmental affairs to spearhead its lobbying efforts on the regulatory front. Pierotti said that PMI Europe has worked on the Capital Adequacy Directive incorporating the Basel II rules regulating capital adequacy across the international banking industry. On Sept. 28, an amendment to the mortgage insurance regulation was put to a vote and brought before the European Council, which may allow the use of mortgage insurance across the European banking industry.

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