Tag: insurance industry

The European Parliament adopted new rules yesterday (22 April) to cut risk in the insurance sector and better protect policyholders.

EU finance ministers will put the idea of group supervision of the insurance sector on ice at today's (2 December) monthly meeting in Brussels, despite many commitments to improve the financial control of multinationals.

As the financial turmoil begins to spread to insurers, with the giant American International Group (AIG) in deep trouble, the European Commission is pushing for a rapid agreement to be struck in long-standing negotiations over Solvency II, the set of rules aimed at changing the EU insurance landscape.

The European Commission's antitrust department, led by Neelie Kroes, is getting 'serious' about practices in the insurance sector, which it says may run counter to EU rules, especially regarding reinsurance, coinsurances and insurance brokerage by intermediaries.

A new Directive, Solvency II, to be presented by the Commission on 10 July, is set to overhaul EU insurance-sector rules, potentially lowering the capital requirements for large insurance companies and introducing supervisory regulations.

Ahead of the formal proposal for the Solvency II directive, insurers are gearing up for an interactive debate with the Commission.

Two major reports have forecast massive potential costs from damage caused by floods, storms and heatwaves resulting from global climate change.

Enlargement should countinue after the current round, but the EU should put in place institutional arrangements which will allow it to act effectively and without undue delay, says Philippe de Buck, Secretary-General of UNICE.

In order to build a Europe of Health, action should be taken in a number of important areas, for example, in the context of communicable diseases and the threat of bioterrorism, says EU Commissioner David Byrne.

German industry demands transition periods for the migration of east European workers after EU enlargement.

EBS, which was held in Brussels between June 9th and 11th, issued in a press release the Summit conclusions

EU Industry ministers on Thursday approved the Directive on late payments in commercial transactions

The German foodstuffs industry is criticising the intention of some of the Central and Eastern European candidate countries to raise import duties and obstacles for food, which are in conflict with investment decisions.

German federation of chambers of industry and trade DIHT said that that none of the ten Eastern and Central European candidate countries will be ready to join the EU before 2004.