2009-05-06

By Editor, CIR

As expected, the EU's economic and financial affairs council has approved the Solvency II framework directive, which got the green light late last month from the European Parliament.

This means that the proposed risk-based capital regulatory regime for European insurers is on course to be implemented by the end of October 2012.

The news was welcomed by Michaela Koller, director general of European insurer body the Comite Europeen des Assurances, based in Brussels.

"The new regulation's focus on more sophisticated risk management is great news for the insurance industry and consumers," she stated.

"Solvency II incentivises insurers to use the most advanced risk management practices, which means greater consumer protection. This is welcome news in these times of economic crisis."

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Public procurement research reveals postcode lottery for council suppliers
A study by the Forum of Private Business (FPB) has revealed vast differences in the amount of time British councils take to pay their suppliers

EC aims for cross-border supervision in 2010
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Solvency II moves a step closer
The directive now goes before the European parliament later this month