Brussels, 19/11/2015 (Agence Europe) - On Thursday 19 November, the European Commission ordered five member states to transpose the prudential rules for the insurance sector, which will apply from January 2016.
Reasoned opinions will be sent to Bulgaria, Greece, Luxembourg, Slovenia and Sweden, which have not transposed the Solvency II (2009/138) and Omnibus II (2014/51) directives into their national legislations, even though the deadline for them to do so was the end of March 2015.
The legislative package aims to ensure a better balance of the capital requirements on the insurance industry on the basis of the financial risks it takes. Amongst other things, contra-cyclical measures have been brought in, limiting excessive stock-market volatility so that life insurance companies can continue to offer long-term investment products. These measures, which have been adapted to the specific natures of the major national markets, will be applicable in 2016 and will allow the industry to reduce its own funds requirements.
If they fail to comply with the European rules in two months, the five countries in question could be brought before the Court of Justice of the European Union. (Original version in French by Mathieu Bion)