Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-07-03-Speech-2-225"
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"en.20010703.11.2-225"2
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". – Mr President, it is a real pleasure for me to respond to Parliament on behalf of the Commission. I should like to congratulate both the Committee on Economic and Monetary Affairs and the Committee on Legal Affairs on their rapid and thorough analysis of the Commission's proposals to amend the solvency margin rules for life and non-life insurance undertakings.
The solvency margin is perhaps a somewhat more complicated – a technical, even dry – subject, but it is of very practical and real importance. It is to protect insurance policy holders by requiring insurance companies to hold extra regulatory capital to act as a buffer against unfortunate circumstances.
The Commission's proposals are to strengthen and update existing rules which, as has been mentioned tonight, have been in force for almost 25 years. I am pleased to note that the amendments before Parliament are entirely in line with the thrust of the Commission's proposals. While many are of a technical nature, some represent very practical measures which will provide clarity and improve transparency, such as the requirement for competent national authorities to establish guidelines that govern the acceptance of supplementary contributions by the members of a non-life mutual. The same goes for the requirement for the Commission's report to examine how national supervisory authorities have made use of their enhanced powers of supervision. Those amendments are very useful improvements to the original Commission proposal. In this regard I should like to thank the rapporteur, Mr Ettl, and the shadow rapporteur, Mrs Villiers, for their efforts and contributions to the preparations of the two reports. I am happy to be able to inform Parliament that all Parliament's proposed amendments are acceptable to the Commission.
Whilst it is always hazardous to count one's chickens before they are hatched, I understand that there is a shared political consensus to seek adoption of these proposals within a single reading. It is my own personal hope that their efforts will be rewarded and that this proposed legislation will indeed be adopted with a single reading.
It is fair to say that this report has been a good example of successful cooperation between our two institutions. The Commission has an ambitious financial services programme which can bring many real and tangible benefits to our citizens and to industry. It is my hope that the excellent cooperation which we have enjoyed on this report may be carried forward, not just for the wider Commission review of the overall financial position of an insurance undertaking, called Solvency II, but also for the whole financial services action plan."@en1
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