Essential step forward in agreeing the Solvency II directive, says PWC

The ECON Committee in the European Parliament voted to agree a text for Solvency II.

Mark Batten, partner, PricewaterhouseCoopers LLP, commented: ‘This is a positive step forward and an essential one in terms of agreeing the Solvency II directive. It brings the directive that much closer to being passed and addresses a number of the fundamental issues raised by the original framework directive although there are some areas which will need further work before it can be put before a full session of the European Parliament. Clearly the most important concern now will be to resolve any outstanding issues which the Council of Ministers may have with the text agreed today.’