Brussels, 11/12/2015 (Agence Europe) -On Thursday 10 December, the European Commission asked Cyprus immediately to transpose the 'Solvency II' directive (2009/138), which brings in risk-based prudential rules for the insurance sector.
Applicable from January 2016, the legislative package aims to recalibrate the capital requirements imposed 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-exchange volatility so that life assurance companies are able to continue to offer long-term investment products. These measures, which have been adapted to the specific nature of the major national markets, will allow the industry to reduce its own funds requirements.
In November, five countries (Bulgaria, Greece, Luxembourg, Slovenia and Sweden) received reasoned opinions from the Commission calling upon them to transpose the directive 'Solvency II'. (Original version in French by Mathieu Bion)
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