EU Sets 2-Month Deadline For Solvency II Capital Compliance
Law360, London (July 25, 2019, 5:02 PM BST) -- The European Commission targeted five member states Thursday for incorrectly transposing capital requirements for insurers and warned six others about failing to implement market abuse rules designed to make benchmark manipulation a criminal offense, setting a two-month deadline for compliance.
The European Union's executive body said it has sent letters to Belgium, Croatia, Estonia, Poland and Sweden taking them to task for failing to correctly adopt certain Solvency II requirements into national legislation.
Solvency II, which came into force in 2016, requires insurance companies to shore up fixed levels of capital to protect themselves during a crisis.
"The commission requests the...
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