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EU reaches deal on new capital rules for insurers

Wednesday, 13 Nov 2013 | 5:50 PM ET

LONDON, Nov 13 (Reuters) - The European Union has reached agreement on new capital rules for insurers, a spokesman for the bloc's lawmakers said on Wednesday.

Negotiations on the new rules, known as Solvency II, had dragged on for years because of disagreements over some of the finer details. The rules will force insurers to hold enough capital to keep policyholders safe.

Lawmakers from the European Parliament and representatives of the bloc's member states reached a deal after a meeting lasting several hours.

"It's done," a spokesman for the European Parliament said.

The new rules are due to take effect in 2016.

(Reporting by Huw Jones; Editing by Jan Paschal)