EU Council OKs New Solvency Rules For Insurers

Law360, New York (November 10, 2009, 4:24 PM EST) -- The European Council adopted a directive Tuesday laying out new solvency rules for insurers to implement the European Union's framework system to modernize insurance regulation by better integrating the European market, increasing competition in the industry and strengthening supervision of insurers.

The council — half of the EU's legislative branch, along with the European Parliament — officially adopted the detailed directive to put the insurance regulation overhaul, called Solvency II, into place.

The nearly 700-page document outlines the framework directive that the EU's Economic and Financial...
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