23/04/24 (Agence Europe) – At the European Parliament plenary session on Tuesday 23 April, MEPs validated the agreement reached last December in Strasbourg between Parliament and the EU Council on reviewing prudential rules regulating the insurance sector (see EUROPE 13314/14). The update to the ‘Solvency II’ directive, which lays down the solvency rules applicable to insurance undertakings in the EU, was approved by 549 votes to 56 against, with 9 abstentions. The review of the Insurance Recovery and Resolution Directive (IRRD) was also approved, with 475 votes in favour, 37 against and 99 abstentions. “For the Green Deal to succeed, private investment is needed. The review allows insurance undertakings to play their part without putting policy-holders at risk”, said European Parliament negotiator Markus Ferber (EPP, Germany) on Tuesday. (BD)