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Europe Postpones Insurer Capital Rules Change

The European Union is to put back by six months the deadline for member countries to enshrine strict new capital requirements for insurers into their law, drawing criticism from the industry over the reduced time available to adapt to the final version of the rules.

By Myles Neligan, Reuters | Updated on April 26, 2012

LONDON, April 26 (Reuters) – The European Union is to put back by six months the deadline for member countries to enshrine strict new capital requirements for insurers into their law, drawing criticism from the industry over the reduced time available to adapt to the final version of the rules.

The deadline needs to move to June 2013 because the final draft of the so-called Solvency II regime is unlikely to be ready by the end of October, as planned, due to delays in the EU legislative process, the European Commission said on Thursday.

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