Council confirms deal with EP on rules for the insurance sector

27 November 2013

The Permanent Representatives Committee approved, on behalf of the Council, a compromise reached with the EP on rules amending the Solvency II Directive and the Prospectus Directive in respect of the powers of EIOPA and ESMA.

These amendments, introduced via the Omnibus II Directive, include the provision of specific tasks for EIOPA and for ESMA. They clarify the role of EIOPA in ensuring harmonised technical approaches on the calculation of technical provisions and capital requirements.

The presidency will now confirm to the Parliament that the Council can agree to the compromise, enabling the Directive to be adopted at first reading.

A provisional agreement was reached at a "trilogue" meeting with the Parliament and the Commission on 13 November. The Council had adopted its position at the level of the Permanent Representatives Committee on 28 September, 2011.

Press release

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