EU insurance law 'to pass vote'
Mark Leftly is political correspondent at The Independent on Sunday and associate business editor across the Independent titles. He writes a weekly column, Parliamentary Business, published on a Wednesday, that covers politics and the City. He is a multi-award winning reporter and was named Press Gazette's business magazine journalist of the year prior to joining The Independent on Sunday.
Sunday 18 March 2012
A tough new EU financial services regulation that threatens to push major insurers out of the City should pass through a crunch vote on Wednesday.
The EU's Econ committee, chaired by Lib Dem MEP Sharon Bowles, is expected to vote in favour of a compromise agreed by members last week. There were disagreements over the so-called matching premium – had the UK not got its way, German-led proposals would have resulted in increases in the capital requirements of annuity providers such as the Prudential and Legal & General.
The Pru has threatened to quit London as a result of Solvency II. The directive will force insurers to hold more capital to enable them to absorb financial shocks.
Labour's Peter Skinner, who brokered the compromise, said: "There is now a raised level of expectation that this vote should go through more smoothly."
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