Commission 'must ensure proportionality of Solvency II' rules as MEPs give green light to new regime

Omnibus II approved by European Parliament

european-parliament

MEPs pledged on Tuesday to see that small firms are exempt from the burden of complying with complex Solvency II rules, as they gave a stamp of approval to the Omnibus II directive.

The European Parliament adopted the directive by 560 votes to 113, clearing the way for the long-delayed implementation of Solvency II in 2016.

But there were warnings about the fine detail of the delegated acts to be drafted by the European Commission, which will flesh out the directive.

MEPs told the commission tha

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