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U.K.-based RSA Insurance Group Inc. has said the European Parliament must finalize Solvency II rules in 2013 to avoid further uncertainty for insurance markets.
RSA's chief executive Simon Lee told Reuters that if a deal is not finalized this year, the 2016 start date will be "well-nigh impossible" to meet. Mr. Lee added that his company will be able to meet the new rules. U.K. insurers are already facing rising costs of preparing for the new regime and further delays would mean further preparation costs, Reuters reported.