| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/04/513 (21.4.04) |
| Publication Date | 21/04/2004 |
| Content Type | News |
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The European Commission presented on 21 April 2004 a proposal for a Directive on reinsurance. The proposed Directive would establish supervision of reinsurers by competent authorities in their 'home' country, on the basis of which they could operate throughout the EU. That supervision would have to be exercised in line with provisions which all Member States would need to apply. The proposed Directive would thus contribute to reinforcing international financial stability, an issue over which there has been concern in major international fora. It would fill a gap in current European insurance legislation which does not regulate specialised reinsurers, though reinsurance activities carried out by direct insurers are subject to regulation. The proposal is a "fast track" solution for reinsurance pending proposals covering the insurance industry as whole under the long-term "Solvency II" project. It will now go forward, under the procedure known as co-decision, for discussion and adoption by the European Parliament and Council. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/04/513&format=HTML&rapid=0&language=EN&guiLanguage=en&display= |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
