EU amends Solvency II guidelines

first_img Tags: NULL EU amends Solvency II guidelines Wednesday 19 January 2011 8:06 pm THE EU clarified the powers of its new insurance and markets “super-regulators” in proposals published yesterday. The commission is to change two existing financial services directives to clear the way for the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.The amendments, set out in its Omnibus II proposals, identify areas where the regulators can propose new technical standards as they move towards the “single rule book” model of pan-EU regulation. It also details how to resolve disputes between member states’ national regulators.“By giving the new supervisors a clearly defined mandate and bringing existing legislation in line with that mandate, the commission further delivers on the promise of creating more solid and stable markets and mitigating future crises,” said markets commissioner Michel Barnier. It has also amended the Solvency II directive that will set new capital requirements and internal models for European insurers from 2012. For the first time, it has set a final date of 31 December 2012 for companies to implement the new directive – but in recognition of the challenge facing insurers, it has set transitional arrangements to help them adapt. “There should be a smooth transition to the new regime, market disruption should be avoided,” it said. PricewaterhouseCoopers insurance partner Charles Garnsworthy said it was “unrealistic” to expect almost 3,600 insurers to be fully compliant by the deadline. “The introduction of these transitional measures will allow insurers and regulators time to fully comply with the directive,” Garnsworthy said. Show Comments ▼ whatsapp center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definitionthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Ads Share More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content last_img

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