Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-151-000"
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"en.20111013.19.4-151-000"2
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"Insurance guarantee schemes (IGSs) provide last-resort protection to consumers when insurance undertakings are unable to fulfil their contractual commitments. They thus protect people against the risk that claims will not be met if their insurance company becomes insolvent. They frequently differ in coverage, however, which results in heterogeneous levels of policyholder protection between Member States. There are also significant differences in other aspects that affect the scope of the protection provided, and also in operational procedures and funding arrangements The lack of harmonisation hinders effective and equal consumer protection, which may lead to a loss of consumer confidence in the relevant markets and may ultimately jeopardise market stability. It may also impede the functioning of the internal insurance market by distorting cross-border competition. The development of harmonised IGSs could, however, help to remedy the existing deficiencies. In order to maintain consumer confidence in both the insurance industry and the single market for financial services, in my opinion, a consistent level of protection for consumers of all types of insurance products should be ensured. Consumers should be confident that all types of insurance products they buy are covered by an insurance guarantee scheme, and that this insurance guarantee scheme will guarantee that they receive 100% compensation within a set time period which is consistent across the EU."@en1
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