Press Release: Approval of Reinsurance Directive will reinforce insurance markets

The European Commission welcomed the vote in the European Parliament on 7 June 2005 to approve the proposed Directive on reinsurance. The Directive would establish supervision of reinsurers by competent authorities in their 'home' country, on the basis of which they could operate throughout the EU. That supervision would have to be exercised in line with provisions which all Member States would need to apply. Provided the Council accepted the European Parliament's Resolution, the proposal could be adopted in a single reading.

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