EU Presidency agrees insurance shake-up
The European Union reached a deal on Thursday to shake-up regulation of the insurance sector, the bloc's Czech presidency said after two years of tough negotiations bore fruit. "The final compromise solution was approved, on a preliminary basis, by the European Parliament and supported by the council" of EU governments, the Czech presidency said in a statement. The reform is supposed to update rules on how insurers set aside capital to cover losses and how the industry is overseen, by bringing 14 different existing texts into one sole European law.The presidency said that an agreement had been reached only by stripping the group/subsidiary issue out of the bill to be dealt with "in a few years". With a tentative deal in hand, EU governments are supposed to rubber stamp the text next Wednesday and the full European Parliament is to vote on the bill next month. The CEA European insurance and reinsurance federation welcomed the agreed bill as an "important and timely piece of legislation and any delay would have been most unfortunate in the current economic climate"
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