Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-144-250"
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"en.20111013.19.4-144-250"2
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"I voted in favour of this important report. The aim of insurance guarantee schemes (IGS) is to give consumers protection in cases where insurance undertakings are no longer able to fulfil their contractual commitments. Under these schemes, people will be protected against the risk that claims will not be met if their insurance company becomes insolvent. IGSs differ frequently in coverage, which results in heterogeneous levels of policyholder protection between Member States. The lack of harmonised IGS arrangements in the EU hinders effective and equal consumer protection and impedes the functioning of the internal insurance market. Consequently, there is a loss of consumer confidence, market stability is put at risk and cross-border competition is distorted. I agree that, in light of the lessons drawn from the recent crisis, we must develop harmonised IGSs in order to remedy existing shortcomings and restore consumer confidence. National and European Supervisory Authorities, in particular, the European Insurance and Occupational Pensions Authority (EIOPA), must consistently apply sound prudential rules and effective supervision ensuring a high level of consumer protection and the proper functioning of the insurance market."@en1
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