EIOPA writes to Commission on recovery and resolution: EIOPA has written to Jonathan Hill outlining its views on the need for further harmonisation of recovery and resolution laws. It notes regulators have widely differing powers in this area, which lead to inconsistent and sometimes contradictory approaches. It is worried about the possible effects of a "double hit" stress scenario on the insurance markets and the strain this will put on national authorities if they need to recover and even resolve many insurers, often cross-border. Finally, it says, the patchwork of national insurance guarantee schemes adds to the current problems. (Source: EIOPA Writes to Commission on Recovery and Resolution)