Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-131"
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"en.20050606.16.1-131"2
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"Ladies and gentlemen, we are well aware of how important reinsurance is for the insurance and banking sectors. It is enormously important for all companies, regardless of how large they are. Several issues arise as a result of this, but in view of the time available to me I should like to touch upon just two.
The first is the question of whether it is appropriate for us to limit the scope of the directive’s rules to reinsurance undertakings. After all, we know full well that insurance undertakings take out mutual insurance policies in order to reduce risks, as do banks when issuing bank guarantees. The second point I should like to address is the need for obligatory reinsurance of natural disaster insurance policies, of which there are 14 different types. As the name suggests, natural disasters are unpredictable and hence carry a very high risk, although it is sometimes the case that such disasters do not occur for many years. This risk is borne by both the large insurance undertakings and the numerous smaller ones. It is particularly high in the field of agriculture, as the large quantity of farms means that a huge number of insurance policies are taken out.
Finally, I should like to say that even though I believe that any form of regulation would improve matters, many of the issues I would have liked to have seen covered in this proposal for a directive are unfortunately missing from it."@en1
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