FRANKFURT (Reuters) – The European Commission has proposed a Jan. 1, 2016 start date for new risk capital requirements for insurers known as Solvency II, hoping to remove the legal uncertainty dogging the sector.

The proposed rules, aimed at increasing the protection for consumers by forcing insurers to more closely match the risks on their books to their future obligations to policy holders, have already been delayed several times due to political wrangling.

But EU financial services chief Michel Barnier said in a statement on Wednesday that talks between the European Parliament and EU governments on finalising the rules are "progressing well" and that an agreement is now "within reach".

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