The European Union is nearing an agreement on the Solvency II rules, Reuters reported citing regulatory officials.

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European Union nearing deal on Solvency II rules

Andrew Bailey, chief executive of the U.K.’s Prudential Regulation Authority, said that there are plans to implement a tougher version of Solvency II capital adequacy regime for U.K. insurers, Reuters reported.

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U.K. plans to implement tougher insurance rules at risk of legal challenge

Solvency II rules may cost U.K. the insurance industry up to £200 million ($310 million) annually, Andrew Bailey, chief executive officer of the Prudential Regulation Authority, said.

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U.K.: Solvency II may cost insurers $310 million a year

Delay in the implementation of a project as large as Solvency II is “absolutely normal” and has resulted in no major problems, reports Sofokleousin, citing Felix Hufeld, chief executive director for insurance supervision of

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Solvency II delay not a problem: German regulator

Interim rules that would govern insurers and reinsurers doing business in Europe until Solvency II goes into effect include a requirement that quarterly reports be filed, somewhat of a surprise to the market.

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EIOPA interim rules will burden insurers until Solvency II goes into effect