Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-146-000"
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"en.20111013.19.4-146-000"2
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"A directive for harmonising the terms for protecting insurance consumers is designed to protect all Europeans, in the event of the insurer going bankrupt, from the complications which could arise, depending on the insurer’s country of origin, from fraud or mis-selling or from the failure of the guarantee schemes. The scheme for providing additional, standard protection to those using the insurance instrument must be designed according to the principle of subsidiarity. Insurance guarantee schemes (IGSs) are regarded as an instrument for reducing the risks facing insurance policyholders in the event of an insurance company going bankrupt. The European Parliament has demonstrated its support for a common EU-level approach on more than one occasion. The issue of IGSs is obviously complex due to the extensive variety of existing schemes in EU Member States and to the interaction between IGSs, as well as to other aspects currently being examined at EU level, the most important being the imminent introduction of the Solvency II Directive. This will radically change the European insurance industry. In statistical terms, its economic, risk-based requirements will reduce the risk of an insurer going bankrupt to a one in 200 year event."@en1
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