Brussels, 04/07/2012 (Agence Europe) - On Tuesday 3 July 2012, in its endorsement of the Bowles Report submitted by the Economic and Monetary Affairs Committee, the European Parliament gave its go-ahead for the postponement of introduction of EU Directive 2009/138/EC on insurance and re-assurance, nicknamed the Solvency II Directive. The transposition deadline for the directive is 30 June 2013.
The Economic and Monetary Affairs Committee elaborated in March on various controversial measures of the Solvency II Directive. The directive lays down contra-cyclical and matching premiums to restrict the volatility of solvency ratios for insurance companies in line with financial movements, thus reducing the eligible capital (see EUROPE 10581). (MB/transl.fl)