But the devil still remains in some of the detail and time is getting tight if the legislatures, regulators and insurers in Europe’s 27 Member States are to meet the deadline of January 1 2013, to implement the rules, known as Solvency II.

The regime is a set of risk-based rules designed to match more closely the capital that insurers hold with the risks they take.

The French are thought to want some elements of the rules introduced on time, but not the keystone solvency capital requirements themselves. German companies meanwhile have been increasingly vocal in recent months over the need for a real delay.

In the UK, opinion is split between those who believe they will be ready in time – and no doubt sniff some competitive advantage in sticking to the timetable – and those who are happier to see existing capital regimes continue for another year giving more time for all parties involved to get prepared.

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