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Solvency II: European Commission proposes amendments

Solvency II is an updated set of regulatory requirements designed to harmonise the regulation of insurers within member states. For further details, see “Solvency II”.

The EU commission has proposed a limited set of amendments to Solvency II. These include:

• the provision of more specific tasks for EIOPA, such as ensuring harmonised technical approaches on the use of ratings in relation to the Solvency Capital Requirements;
• extension of the implementation date by two months, from 31 October to 31 December 2012, to ensure better alignment with the end of the financial year (31 December) for the majority of insurers and reinsurers; and
• certain transitional measures where deemed necessary to allow a smooth transition to the new regime under Solvency II.

The draft amending Directive will be sent to the European Parliament and the Council of the European Union for consideration.

Author: Georgina Beechinor