A unit of the European Union reached informal agreement last week on Solvency II, a broad framework to enhance insurer capital requirements and supervision. The action drew a positive response with reservations from some insurance segments.
Preliminary approval for the revision of solvency standards came from the EU's Committee of Permanent Representatives and is expected to receive formal endorsement this week.
The European Parliament is scheduled to put the directive to a plenary vote April 22. A formal adoption of the Framework Directive could then take place during the May 5 Economic and Financial Affairs Council, according to CEA Insurers of Europe, the European insurance and reinsurance federation.
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