Local view for "http://purl.org/linkedpolitics/eu/plenary/2006-07-03-Speech-1-067"
| Predicate | Value (sorted: default) |
|---|---|
| rdf:type | |
| dcterms:Date | |
| dcterms:Is Part Of | |
| dcterms:Language | |
| lpv:document identification number |
"en.20060703.13.1-067"2
|
| lpv:hasSubsequent | |
| lpv:speaker | |
| lpv:spoken text |
".
Mr President, as has been pointed out, drawing conclusions at this stage would be premature.
The Commission looks forward to continuing working with the Committee of Inquiry. The aim is to see how we can ensure that Community and national law is properly implemented and applied. The single market offers advantages for consumers. Policyholders should be able to rely on their financial institutions and the fact that their solvency is ensured. We must ensure that consumers have viable means of redress. I look forward to the committee’s recommendations on the problems experienced by policyholders in various Member States and how they could be avoided.
However, I would not accept that the Equitable Life affair calls into question the basis of internal market in the insurance sector. As Lord Penrose stated in his report on the affair, the origins of this crisis go back many years. National supervision is constantly developing and improving, whilst at European level the Solvency II project will provide a more coordinated and risk-based system. But no system can be guaranteed to prevent all market problems.
I think we should avoid a more or less useless debate on host versus home state control. Host state control would not have made a difference in this case. In a single market, supervisors should cooperate. Both supervisors have roles to play. However, I certainly agree that we should not and cannot accept a ‘passing the buck’ attitude. That is definitely something that we need to address."@en1
|
| lpv:unclassifiedMetadata |
Named graphs describing this resource:
The resource appears as object in 2 triples