The European association for Investors in Non-Listed Real Estate Vehicles (INREV) is calling for a capital charge of no more than 15% on insurance companies' real estate investments under the new Solvency II regime. The call follows a study commissioned by INREV which shows that current proposals for a capital charge of 25% are too high and are based on an incomplete view of risk which gives a disproportionate weighting to the UK commercial real estate market.