Brussels, 28/11/2013 (Agence Europe) - On Wednesday 27 November, member states' permanent representatives to the EU on the Coreper committee endorsed the deal struck by the Lithuanian Presidency and representatives of the European Parliament on the Omnibus II package of rules to amend the EU Solvency II directive (2009/138/EC) laying down prudential solvency rules for the insurance industry.
The talks were in deadlock for a long time over the question of introducing counter-cyclical measures to prevent excess volatility on the market and ensure that life-insurance companies can continue to offer long-term investment products (see EUROPE 10963). These measures cover pension and life-insurance that pays out a lump sum once the client reaches a certain age. The counter-cyclical measures are highly technical and adjusted to the specific needs of each country and will come into force in 2016 to help the industry reduce its capital requirements.
The Omnibus II package includes measures on the equivalence of EU rules with those in force in other parts of the world. It clarifies the role of the European Investment and Occupational Pension Authority in harmonising national rules on the calculation of capital requirements. (MB/transl.fl)