Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-128"
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"en.20050606.16.1-128"2
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".
Mr President, I would like to thank Peter Skinner for the work he has done, especially as the person responsible for Solvency I. The logical consequence is of course that I am pleased we now have this report.
Reinsurance undertakings are among the last in the financial services sector not to have a European passport. The planned directive will ensure that reinsurance undertakings operate under the same competitive conditions throughout the EU while at the same time not preventing direct insurance undertakings from assuming reinsurance risks. The European passport means that an EU-domiciled reinsurer, that is a reinsurance undertaking that is authorised and supervised in its home country but which covers risks of an insurance undertaking in the host country, will no longer be subject to the discretionary authorisation of the host country’s supervisory authority.
If this system of mutual recognition is to operate without damage to direct insurers in a host country and under the same conditions of competition throughout the EU, the transposition of the directive into national law must be harmonised in a similar way as with banks, and national supervisors must cooperate as regards their methods of supervision. In one of the amendments I have tabled, I therefore called on them to cooperate more closely in the European Insurance and Occupational Pensions Committee.
The reinsurance industry is a global network because that is the only way to obtain a sufficient spread of the risk of major losses and disasters. European reinsurance undertakings have to compete in particular with North American and Australian rivals. The recent American International Group scandal in the US has exposed the extensive control and disclosure shortcomings in relations between direct insurers and reinsurers.
In one of my amendments I therefore called on the Commission and national insurance supervisors to cooperate more closely with the International Association of Insurance Supervisors to get standards of corporate governance and internal controlling procedures extended. In order to reach a consensus with the Council as quickly as possible, the Committee on Economic and Monetary Affairs, which was the lead committee, accepted only one subparagraph amending the resolutions in the competent Council working party.
All the proposed amendments were sacrificed to the accelerated procedure. That alone explains why the version laid before plenary does not include my amendment clarifying what government bonds can count towards the cover for a reinsurance undertaking’s technical reserves. In consequence, the reinsurance directive is the only financial services directive that makes no distinction between the risk weightings of any government bonds and does not differentiate on the basis of the state’s rating or of whether or not the bond issuer is an EU or OECD Member State. A little more would have achieved a great deal."@en1
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