The EU has approved a Directive, which simplifies existing life insurance legislation by recasting existing Directives into a single text.
Internal market commissioner Frits Bolkenstein said: "EU l ...
The EU has approved a Directive, which simplifies existing life insurance legislation by recasting existing directives into a single text.
Internal market commissioner Frits Bolkenstein said: "EU law on life assurance had over the years become very complex. This Directive will make it clearer, more coherent, and easier to understand and apply. It is part of the EU's determined effort to simplify its legislation, to be benefit of businesses and customers."
However, there is still no official date for the adoption of the Directive on Insurance Intermediaries, which will result in the FSA taking over regulation of general insurance sales.
The new Directive, originally proposed in 2000, will become law as soon once it is signed by the presidents of the council and the European Parliament.
