EU passes Solvency II Bill to stabilise insurance
The European Union has approved the Solvency II Bill in a bid to improve the financial stability of its insurance industry.
The European Parliament’s Economic and Monetary Affairs Committee last week backed plans for a major overhaul of insurance risk management rules through Solvency II, which introduces more sophisticated solvency requirements.
In a 22 to 7 vote, the committee also agreed on amendments regarding group supervision arrangements – with one of the authorities to now monitor cross-border companies – and the calculation of capital requirements.
The European Parliament’s Economic and Monetary Affairs Committee last week backed plans for a major overhaul of insurance risk management rules through Solvency II, which introduces more sophisticated solvency requirements.
In a 22 to 7 vote, the committee also agreed on amendments regarding group supervision arrangements – with one of the authorities to now monitor cross-border companies – and the calculation of capital requirements.