Wednesday, June 08, 2005

European Parliament Backs Reinsurance Regulation Directive

The European Parliament has voted its approval of new laws and regulations, which now need to be approved by EU member governments, for the regulation of the reinsurance industry within the 25-member block.

The proposed legislation, known as the "Reinsurance Directive," would establish standardized regulation for all reinsurers operating in EU countries. Current legislation does not adequately cover the reinsurance industry. As a result numerous different levels of supervision co-exist in the different EU countries.

See full Article.