European Union report strengthens Solvency II case

Member states need to break the current deadlock over new solvency rules, says an influential new report

The Solvency II directive must be adopted, together with a balanced group support regime, a binding mediation process, and harmonised insurance guarantee schemes, concluded the Larosière Group report, chaired by the former International Monetary Fund director Jacques de Larosière, and commissioned by the European Union to propose ways to strengthen the supervision of the European Union’s financial institutions in the wake of the global crisis.