06/07/2018 (Agence Europe) – On Thursday 5 July, the EU and Switzerland signed an updated agreement amending the 1991 agreement covering non-life insurance products such as car, household or travel insurance. In a press release, the European Commission explains that the updating was needed technically because the legislation on insurance has changed in the meantime in Switzerland and the EU. In practice this means that Swiss branches of EU non-life insurers will now need to apply the rules of the ‘Solvency II’ directive’ and, in return, European branches of Swiss non-life insurers will have to apply the final Swiss solvency test. The agreement does not, however, cover subsidiaries and does not allow the direct provision of cross-border services, explains the Commission. (MF)