The European Union is close to finalising a deal on how insurance companies will hold enough capital to keep policyholders safe which will severely water down the version sought by industry regulators, a senior EU lawmaker said.
Negotiations on the law known as Solvency II have dragged on for years due to disagreements over how much capital firms must hold to cover to cover products offering guaranteed returns over a long period.
“I guess we are all hoping of a deal in principle on the big points next week,” Sharon Bowles, UK Liberal Democrat chairwoman of the European Parliament's economic affairs committee, told Reuters.
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