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Internal Market

PR(08)70: Liechtenstein and Iceland fail to implement Reinsurance Directive

27.11.2008

The EFTA Surveillance Authority has decided to send reasoned opinions to Liechtenstein and Iceland for failure to implement the Reinsurance Directive[1].

The Directive fills a gap in the EEA insurance legislation, which in the past did not regulate specialised re-insurers (i.e. re-insurers which 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 EEA States should have implemented the Directive by 10 December 2007.

The purpose of the reasoned opinions is to give Liechtenstein and Iceland a last chance to take corrective measures before the Authority decides whether to bring the matter before the EFTA Court. Liechtenstein and Iceland have been given three months to take the measures necessary to comply with the reasoned opinion.

For further information, please contact:

 

Mr. Eirik Ihlen
Officer, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 78



[1]Directive 2005/68/EC




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