Omnibus II agreement puts Solvency II back on track
More generous long-term guarantees package and long transitional period in deal
European policy-makers closed on Wednesday evening a critical and long-awaited agreement on the directive to amend Solvency II, clearing the way for a 2016 implementation of the risk-based capital regime.
It took trilogue parties eight hours to hammer out the details of the measures for long-term guarantee (LTG) business and the equivalence of third countries, which have been holding agreement on the Omnibus II directive back for months.
The calibrations are more generous than what was
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