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In its response, Insurance Europe welcomed the European Commission’s initiative to explore solutions to address concerns emerging from recent experience with cross-border public sector investments.
It said that there should be no sudden and retroactive changes of local investment frameworks, adding that legal certainty and adequate grandfathering rules are key for cross-border (long-term) investors.
Insurance Europe also said that mediation and arbitration should be seen as suitable to achieve different objectives, and that the appropriateness of each depends on individual cases.
It added that the insurance industry supports the development of a harmonised European mediation, as well as arbitration, framework.