EU gives insurance firms even more time to get their houses in order

Insurance companies have until 2013 to adhere to new capital rules, after delays to the introduction of Solvency II by European regulators.

EU Commissioner Michel Barnier said earlier this month that the rules would be postponed for two months from 31 October to 31 December 2012.

City sources say the delay in effect means firms have a further year to get their "houses in order". "There's no doubt Solvency II's been pushed to the end of 2013," said one.