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The Czech Presidency has finalised the negotiations concerning the Solvency II Directive. A compromise has been approved on a preliminary basis by the European Parliament and supported by the COREPER.
Concerning the group support regime, both institutions have agreed not to include it in the directive and come back to it in a few years.
The “duration approach” included in the treatment of equity risk is to be used only after being transposed into Member State legislation and for clearly defined life insurance products. A formal approval by the COREPER is expected next Wednesday, the vote in the European Parliament plenary is expected later this month
Compromise text as of 23 March 2009
COREPER political agreement as of 23 March 2009