| Author (Person) | Tait, Nikki |
|---|---|
| Series Title | Financial Times |
| Series Details | 20.1.11 |
| Publication Date | 20/01/2011 |
| Content Type | News |
|
Following the launch of the three new European Supervisory Authorities on 1 January 2011, the European Commission proposed on the 19 January 2011 to make targeted changes to legislation in the area of insurance and securities regulation to ensure that the new Authorities can work effectively. In particular, the proposal set out in detail the scope for the Authorities to exercise their powers, which include the possibility to develop draft technical standards and to settle disagreements between national supervisors. The proposed directive will now be sent to the Council and the European Parliament for consideration. The proposal contained a limited set of amendments to the 'Solvency II' Directive. These amendments included the provision of more specific tasks for the European Insurance and Occupational Pensions Authority (EIOPA), such as ensuring harmonised technical approaches on the use of ratings in relation to the Solvency Capital Requirements, and extending the implementation date by two months to ensure better alignment with the end of the financial year for the majority of insurance and reinsurance undertakings. The amendments will also enable the Commission to specify transitional measures in certain areas if deemed necessary to avoid market disruption and to allow a smooth transition to the new regime under 'Solvency II'. |
|
| Related Links |
|
| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
