EU Council Unveils Official Compromise On Solvency II

Law360, New York (November 27, 2013, 5:04 PM EST) -- The Council of the European Union on Wednesday released details of a compromise with the European Parliament that will allow reforms to Europe's insurance regulatory regime to go forward in 2016, introducing amendments that may be bad news for U.S. and Canadian reinsurers.

The Permanent Representatives Committee, on behalf of the EU Council, approved the compromise on rules to amend the Solvency II directive and hand powers to the European Insurance and Occupational Pensions Authority and the European Securities and Markets Authority.

The breakthrough deal, announced...
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