LONDON (Reuters) – Strict new capital rules for European Union insurers could be delayed after talks aimed at ironing out disagreements over the final shape of the so-called Solvency II regime ended fruitlessly, Britain's insurance industry lobby said.
Thursday's failed talks between EU officials and lawmakers mean there will now be no deal until the European Parliament returns from its summer break, squeezing an already tight legislative timetable, and putting Solvency II's January 2014 start date at risk.
"This result raises questions about the timetable for Solvency II and will leave insurers in limbo until an agreement is reached," said Hugh Savill, Director of Prudential Regulation at the Association of British Insurers.
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