FERMA welcomes Solvency II vote, stance on captives

BRUSSELS, Belgium—The Federation of European Risk Management Assns. said that a recent European Parliament vote recognized the special status of insurance and reinsurance captives under Solvency II. Brussels, Belgium-based FERMA welcomed the European Parliament’s Committee on Economic and Monetary Affairs’ vote on Solvency II earlier this week. The majority of the committee voted in favor of the draft text for Solvency II, the proposed risk-based capital regulatory regime for insurers and reinsurers in the European Union slated for introduction in 2012. “Thanks to this vote, captives, under certain conditions, will not only benefit from a simplified solvency regime, but are also now officially recognized by European regulation as a specific risk financing... [read full story]