On 5 November 2014, Insurance Europe published an interesting paper (dated October 2014) entitled 'Why insurers differ from banks'. The paper is critical of what it refers to as a 'flawed perception' that banks and insurers are similar and that regulatory initiatives developed in a banking context can therefore be used as a blueprint for insurance regulation. The paper states that banks and insurers have very different business models and roles and have fundamentally different risk profiles. Accordingly, applying banking-inspired regulatory frameworks to insurers has a materially negative impact on the insurance sector and the economy.