GREECE – ECJ
July 1st, 2004
BY KEITH NUTHALLTHE EUROPEAN Commission has formally threatened Greece with legal action at the European Court of Justice (ECJ), over its alleged failure to implement European Union (EU) legislation on solvency margins for non-life and life insurance companies. These rules had been written into EU insurance 'winding-up' directives and were supposed to have been transposed into Greek law by last September 2003. Sending Greece a 'reasoned opinion' final warning note, the Commission said common solvency margins were a "prerequisite for the 'European passport', ...
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