Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-324"
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"en.20070619.44.2-324"2
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".
What we were discussing this morning on the report by the Committee of Inquiry into Equitable Life was how insurance companies are regulated and the deficiencies found by the Committee of Inquiry regarding regulation, the transposition of EU directives and other matters.
But I think what the Member is referring to here is that the citizen should be able to benefit from being able to conduct motor insurance business across frontiers. However, that is a two-sided transaction. He or she must get an insurance company to provide that particular business, and the evidence so far is that many insurance companies do not have a commercial policy for looking for cross-frontier business for a wide variety of reasons – I submit that they are probably not familiar with the claims policy in that country, the legal system, or the quantum of damages that may be awarded, which vary considerably from country to country.
Therefore, as I have pointed out in my reply, under the directives we have, it would be possible for an individual to do this, subject to the various rules. However, there must, of course, be an insurance company that is willing to act in that particular way and to take on those aspects of cross-border business.
As I said in my reply, I accept that it would be a very good thing if that could be done, and this is why we are looking at this in the context of the Green Paper on retail financial services. If there are things we can do to make that somewhat easier, we will take it on board. However, until now the situation is that, while we want to bring down the frontiers and make sure the market is liberalised, there needs to be a company that, for its part, wants to do it, and that has not been the situation up until now. There are limited exceptions, but it is not a business in which these opportunities have been uptaken."@en1
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