BRUSSELS (Reuters) – The European Union may have to postpone strict new capital rules for insurers because of wrangling between member countries over the final shape of the new regulations, the official in charge of the project acknowledged on Wednesday.
Michel Barnier, the European Union commissioner responsible for regulation, on Tuesday proposed delaying the so-called Solvency II regime by one year, a source involved in talks over the rules told Reuters.
A spokesman for Barnier said the commissioner had suggested a final agreement should wait until tests to gauge the impact of the rules are completed in March 2013, but added that it was too early to say whether the January 2014 start date would have to be put back as a result.
“That is something that we will have to clarify with parliament and council over the weeks to come. The commissioner put one scenario on the table because he thinks it's a useful … avenue to unblock the negotiations,” the spokesman said at a press conference.
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