TheEuropean Parliament today approved the Solvency II framework directive without the contentious group support provision—a development described by CEA, the European insurance/reinsurance federation, as a "missed opportunity."

According to the U.K. Insider newsletter, the parliament’s vote came after the Committee of Permanent Representatives (Coreper) endorsed the directive text on April 1. Formal adoption of the framework directive is expected at the Economic and Financial Affairs (ECOFIN) Council meeting, May 5.

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