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PR(09)37: The Authority brings Iceland before the EFTA Court for failure to implement the Directive on Reinsurance

30.4.2009

The EFTA Surveillance Authority today decided to bring a case before the EFTA Court regarding Iceland's failure to implement the Directive on Reinsurance.[1]

The Directive fills a gap in the EEA insurance legislation, which in the past did not regulate specialised reinsurers (i.e. reinsurers that do not conduct direct insurance). The lack of an EEA regulatory framework for reinsurance resulted in significant differences in the level of supervision of reinsurance undertakings between different EEA States and a lack of a level playing field.

The regulatory framework of the Directive is based on the existing prudential regime of the non-life insurance directives and extends to reinsurance undertakings the system of home state control and the single licence principle.

The Directive should have been implemented by 10 December 2007. Prior to this court referral, the Authority issued a letter of formal notice and delivered a reasoned opinion to Iceland. As the Directive still has not been implemented into Icelandic law, the Authority has decided to bring the case before the EFTA Court.

 

For further information, please contact:

Mr. Bjørnar Alterskjær
Acting Director, Legal & Executive Affairs
tel. (+32)(0)2 286 18 98

 

 

Brussels, 30 April 2009 

 


[1]Directive 2005/68/EC of the European Parliament and of the Council of 16 November 2005 on reinsurance and amending Council Directives 73/239/EEC, 92/49/EEC as well as Directives 98/78/EC and 2002/83/EC




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