Karel van Hulle, the European Commission’s insurance head, will retire at the end of January, according to two people with knowledge of the matter.
The commission, the European Union’s executive arm, hasn’t decided who will replace him, said the people, who declined to be named because the matter hasn’t been made public. Van Hulle wasn’t immediately available for comment when called by Bloomberg News.
Van Hulle, a lawyer by training, joined the Brussels-based Commission in 1984 after eight years at the Belgian Banking Commission. He became head of insurance in 2004 and has been instrumental in developing Solvency II.
Lobbying by German, British and French insurers over the impact of the rules on long-term savings products has already delayed the introduction of Solvency II, a common set of regulations for Europe’s insurance industry, beyond its original start date of this year. The regulations, designed to make firms across the region allocate the same capital reserves against the risks they take, may not come into force before 2016.
Peter Skinner, a member of the European Parliament’s Economic and Monetary Affairs Committee and another key figure in drafting the rules for insurers, said last month that he won’t seek re-selection for the 2014 European elections.
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