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Source: Source: Dow Jones | Published on June 20, 2012
The EU is prepared to relax planned capital rules for insurers, the German business daily Financial Times Deutschland reported Wednesday, without citing specific sources. Insurers and regulators applied immense pressure on Brussels, the newspaper said.
The revised plan calls for existing insurance contracts to be exempted from the rules for seven years, the newspaper said.
The new rules, dubbed "Solvency II," are supposed to take effect from 2014, the newspaper said.
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