German insurers get tax break

Germany's proposed 2010 tax law will extend the time insurers are exempted from tax on reserves that may be used later, from three to five years, Reuters reports.

The change is to help insurers who facing low investment income. "We support the government's proposal as the minimum necessary," said insurance industry body GDV.

Berlin's proposed changes to the law will strengthen insurers' regulatory solvency capital and stabilise the system to the benefit of policyholders, GDV said.