Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-124"
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"en.20050606.16.1-124"2
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".
Mr President, I wish to begin by thanking Mr Skinner, the rapporteur, and the Committee on Economic and Monetary Affairs for their excellent work on this important subject.
Although it is not very well known to the public, the reinsurance sector is very important for the financial and insurance markets in the European Union and internationally. The terrible events of 9/11, as well as more recent natural disasters, have shown how essential properly functioning insurance and reinsurance sectors are. The European Union is the world’s largest provider of reinsurance services. Supervision of reinsurance is important for financial stability, as well as for the standing of European Union reinsurers internationally. Whilst reinsurers were subject to national supervision rules, the reinsurance sector was one of the few financial fields without any major European prudential legislation. The proposal for a reinsurance directive has been prepared in close cooperation with Member States and the insurance industry. It is also in line with current reinsurance work in the International Association of Insurance Supervisors.
This proposal provides a regulatory framework for insurance activities in the Community. It lays down a supervisory regime founded on the principles of single authorisation and prudential supervision by the home Member State. It is, in fact, the same regulatory framework already used for the completion of the single market in insurance and other financial services. The single authorisation will allow reinsurance undertakings to work throughout the Community under the freedom of establishment and free provision of services.
The proposal could also be a useful preparation for reinsurance undertakings for the introduction of Solvency II, relating to the revision of current supervisory rules for direct insurance undertakings, in a few years’ time. This is currently being analysed by the Commission, Member States and stakeholders.
By adopting this proposal, the European Union will be also the first international organisation with a regulatory framework for insurance. This will be an important precedent for other international fora, which are also working on the supervision of reinsurance.
Finally, the proposal will also constitute a useful tool that will help give the European Union reinsurance industry effective market access to third countries. I look forward to hearing your comments."@en1
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