EU to Delay Insurance Oversight Regulations, FTD Reports
The European Commission will delay the implementation of insurance-oversight regulations by half a year as officials debate the structure of the new rules, Financial Times Deutschland reported.
Legislation is under way to push the date of implementation of the so-called solvency II rules, which entail oversight on insurers’ capital position and reporting systems, to June 30 of next year from Dec. 31, 2012, the newspaper cited the office of EU Commissioner Michel Barnier as saying.
The new rules will be binding for all the region’s insurers from Jan. 1, 2014
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