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The changes include matching premiums, which will mean that insurers will need less capital. The vote was passed by a majority (with 38 for, five against and no abstentions), although some clauses were rejected.
Paul Clarke, global Solvency II leader at PwC, said: "This is important progress and the industry is now one step closer to having rule certainty.
"Many insurers view the inclusion of a matching adjustment under Solvency II as essential for their ability to offer affordable long-term annuity products. While it is positive that the amendments approved today include a version of this concept, it remains to be seen whether this will address all of the industry's concerns.
"If an agreement can be reached on matching adjustment that is acceptable to policy-makers and the industry, this would be a significant win, not just for the insurance industry but for consumers, as it should avoid reductions in the range of long-term annuity products on offer and increases in product prices."
Janine Hawes, Solvency II director at KPMG, added: "The industry has won some important battles, including recognition of the need for a mechanism to avoid insurers being forced to sell investments due to market volatility at a time when their liabilities have not crystallised."
She continued: "Two other burning issues for insurers are whether the US will be granted temporary equivalence status and confirmation of the implementation date. The proposals for temporary equivalence have not been modified to include a process for establishing this for the US. The current text includes conditions that the US would not be able to meet.