Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-322"
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"en.20070619.44.2-322"2
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".
Mr President, the principal aims of the EU legislative framework are a high degree of protection of road traffic accident victims, the promotion of free circulation of vehicles and the encouragement of cross-border activities of insurance undertakings.
The EU legal framework for compulsory motor insurance is a major EU success story. Developed since the early 1970s, it has been a fundamental factor in making the free movement of motorists and their vehicles in the Union a reality. The motor insurance directives have permitted the abolition of border checks on insurance, so the vehicles can be driven as easily between Member States as between one country. They also allow for easy compensation for the thousands of accidents involving vehicles from more than one Member State.
The motor insurance directives require that insurers have a local presence for claims settlement and oblige them to be members of the local guarantee fund and the local green card bureau. This is to protect victims, in particular from having to enter into cross-border negotiations with an insurance company established in another Member State.
The membership of the local green card bureau ensures a smooth functioning of a system without a need to check the insurance certificates. All EU Member States, Switzerland, Norway, Iceland, Croatia and Andorra participate on the basis of the ‘Multilateral Agreement’.
The link between the country where the vehicle is registered and the insurer’s membership of that country’s guarantee fund is also an expression of the solidarity of the local motoring population.
European consumers have the possibility to seek motor insurance cover EU-wide as far as the above specific conditions set for insurers are met. Whether insurers are prepared to enter into insurance contracts for cars registered in another country depends largely on the insurers’ commercial policy and their willingness to cover risks largely or wholly situated in another country, where the risk structures may be substantially different from what they are familiar with in their home country.
With this in mind, it is perhaps not surprising that the volume of cross-frontier business in this branch is very limited. However, some argue that there is a lack of competition and that a higher volume of cross-frontier business might bring down motor insurance premium levels. We are assessing this question as part of our ongoing public consultation on retail financial services."@en1
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