Changes to capital requirements for European insurers, while more securitization friendly, may still make asset backed securities unappealing to these important investors, according to a report published today by Standard & Poor’s.

In December 2013, the European Insurance and Occupational Pensions Authority (EIOPA) released the latest draft calibration of standardized capital charges for insurers' securitization holdings under the Solvency II regulatory framework. The updated proposal redefines some, but not all, securitizations as "Type A" exposures, and treats them more favorably than securitizations still termed "Type B".

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