Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-247-000"
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"en.20120703.18.2-247-000"2
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"Directive 2009/138/EC of the European Parliament and of the Council of November 2009 on the taking up and pursuit of the business of insurance and reinsurance (Solvency II) provides a modern, risk-based system for the regulation and supervision of European insurance and reinsurance undertakings. These new rules are essential in order to ensure a safe and solid insurance sector that can provide sustainable insurance products and support the real economy through long-term investments and additional stability. In January 2011, the Commission adopted a proposal to amend Directive 2009/138/EC in order to take into account the new supervisory architecture for insurance, namely, the setting up of the European Insurance and Occupational Pensions Authority (EIOPA) (Omnibus II). This proposal also includes provisions to extend the transposition, repeal and application dates set out in the directive. In order to avoid overly burdensome legislative obligations for Member States under the directive and later on under the new architecture envisaged by the ‘Omnibus II’ proposal, it is appropriate to extend the transposition deadline for the directive. At the same time, given the very short period of time left before the expiry of the deadlines laid down in the directive, this directive should enter into force without delay."@en1
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