The deadline needs to be moved because the final draft of the so-called Solvency II rules is unlikely to be ready by the end of October, as planned, because of delays in the EU legislative process, the European Commission said on Thursday.
"Against this background, the Commission will present shortly a proposal postponing the transposition of Solvency II to 30 June 2013", it said in a statement. The proposal will also confirm that insurers must comply with the new rules by January 2014.
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