EU Closes In On Overhaul Of Insurance Regulation

Law360, New York (March 27, 2009, 12:00 AM EDT) -- After two years of discussion, the European Union has finalized negotiations to overhaul insurance regulations and increase competition in the industry, dropping a contentious key provision, the EU's Czech presidency announced Thursday.

The European Parliament approved a compromise on Solvency II, which offers new guidelines for assessing and managing risk, on a preliminary basis. As part of that compromise, a measure that would have instituted a new system of oversight to better monitor large insurance companies was shelved, the presidency said.

The Czech presidency brokered the...
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