Europe Splits Leave Single Insurance Rules Plan on Sidelines
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The European Union’s 12-year push to introduce a common set of rules for the region’s insurance industry is close to being sidelined as some of the biggest member states prepare to introduce the regulations piecemeal.
Lobbying by German, British and French insurers over the impact of the rules on long-term savings products has already delayed the introduction of Solvency II beyond its original start date of this year. The regulations, designed to make firms across the region allocate the same capital reserves against the risks they take, may not come into force before 2016, according to executives as they reported third-quarter earnings.