Proposal for directive relating to life assurance

The EU Parliament and EU Council have proposed a directive on life assurance. The proposal contains various amendments to existing EU legislation, many of them minor drafting changes but some of them relatively significant substantive amendments. The original intention was to codify the regime affecting life assurance. However, it has become apparent that the variety of changes required exceeds the limit established for codifications by the Inter-institutional Agreement of 1994 and a directive ‘recasting’ existing directives has therefore been proposed.