Local view for "http://purl.org/linkedpolitics/eu/plenary/2009-04-22-Speech-3-015"
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"en.20090422.4.3-015"2
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"Madam President, Commissioner, ladies and gentlemen, the rapporteur has already pointed out both the aspects worthy of criticism and the positive aspects of the result achieved on Solvency II. I believe we can say that it represents significant progress towards rendering the European insurance industry workable in future, even in times of crisis. I also believe that, as has already been said, we have made clear where the aspects worthy of criticism lie, namely in group supervision. There is, of course, more work to be done in the combined area of group supervision and group support. In a crisis, however, when capital flows are not as would normally be expected, it is natural that there is a need to catch up in this field and also to show consideration for countries experiencing difficulties.
We have also discussed another issue that is crucial, since there are 500 million consumers in the European Union, who are also all insured persons, with ‘equity risk’. Industry, the economy and the Member States also all have clear opinions on the subject. We have had to accept a compromise on this, which may also be reflected in the analysis at some stage under a review-clause system. The important thing is that we can say that the European Union has sent out a signal in this regard that Europe is on the move, that it is capable of action. I believe that the United States, China and the other countries working on these prudential issues and preparing better systems for the future in these particular circumstances have also recognised this signal. That is one of the important insights.
I should also like to reiterate the following very clearly with regard to the past. Four presidencies have been involved, including the current one. The negotiations have varied widely, naturally also under the influence of pressure from the respective Member States, but we have achieved a result. That is one insight.
The second is that we have worked together with the European insurance industry, and that the impact studies on the individual fields were very important in this regard. Why was that? It was because of the need to involve the insurance industry in finding a path to this solution in view of the very complicated system and subject matter. If we consider that 1 400 undertakings took part in the last impact study – both large and small, as the aim is not market clearance but to involve all actors in the interests of consumers – then this has been a great success. Together with the Solvency II negotiating team, we have refused to be intimidated by any particular sources of pressure, and instead have steered a clear course in the interests of consumers, of the insurance industry and, above all, of course, of our parliamentary duties."@en1
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