Brussels - Europe is bracing for two major accounting reforms in the insurance industry, but most fear that the schedules could extend to at least 2007 and possibly to 2010.One of the reforms currently in the pipeline will consist of IFRS4 Phase II, or "Insurance Phase II." This will eventually replace the Phase I version - a measure currently in place that has not radically shaken up traditional regulations.

Also in the regulatory upheaval is Solvency II, which concerns steps to harmonize capital requirements for insurance companies across the European Union's 25 countries.

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