EU Proposes Insurance Shake-Up

Law360, New York (July 10, 2007, 12:00 AM EDT) -- The European Commission has formally proposed a major overhaul of insurance regulations in an effort to increase competition in the industry.

The Commission on Tuesday proposed Solvency II, “a groundbreaking revision of EU insurance law designed to improve consumer protection, modernize supervision, deepen market integration and increase the international competitiveness of European insurers,” the EC said.

The proposal will now be passed on to the European Parliament and Council, which must vote to implement it before it can go into effect.

Solvency II offers new guidelines...
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