Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-132"
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"en.20050606.16.1-132"2
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".
Mr President, I wish to begin by apologising to Mr Skinner and other MEPs for being unavoidably delayed due to traffic congestion and a Competitiveness Council meeting in Luxembourg. However, I was here for the speeches.
I am very pleased to inform you that the Commission can fully accept all the amendments in the report adopted by the committee. The amendments take account of the discussions in the Council and are also strongly supported by the insurance industry. The solutions proposed are, furthermore, well balanced and respect the Commission’s initial intentions with this legislation.
Mr Skinner also raised the issue of collateralisation. Collateralisation is highly costly for reinsurance companies, as it restricts the investment strategy. This ultimately leads to more expensive reinsurance services, which could increase insurance premiums for policyholders. The EU insurance industry would particularly like to see the American collateralisation system abolished or amended. I have had discussions recently with my United States counterparts with a view to eliminating or reducing the US collateralisation requirement and those discussions are ongoing.
I congratulate the committee and the rapporteur, Mr Skinner, for their excellent work and thank all those who helped to ensure that the work was done speedily and effectively."@en1
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