XL Insurance battles with bureaucracy to enter market

The company's motion requesting permission to begin operations is being examined by the Insurance and Pension Funds Supervisory Commission. It appears that the concern submitted its motion to the Finance Ministry in the middle of last year, but due to formal problems it could not be accepted before the end of 2003. If the official procedures continue to be drawn out, the insurer is considering offering its services on the basis of a unified European license. (Parkiet, p. 6) A.K.