Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-151-125"
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"en.20111013.19.4-151-125"2
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"Against the background of the financial crisis, Europe’s citizens face increasingly serious risks linked to the possibility of financial and insurance institutions going bankrupt. I supported this resolution because I think that consumer confidence must be preserved and the insurance guarantee schemes must become more secure. This would also help stimulate cross-border competition and speed up the development of the insurance market in the EU. I share the view that effective, proportionate supervision is required from national and European supervisory bodies, along with better cooperation. Member States’ involvement in carrying out tests on the insurance guarantee schemes and in exchanging information, if the competent authorities detect problems in an insurance company, is important for improving coordination and confidence in the system. I also support the measures promoting greater transparency and awareness among consumers. They need to clearly understand what happens if the insurer possibly becomes insolvent and the risks relating to this. This information should be easily accessible, easy to understand and comprehensive, with a single point of contact established to facilitate this process. Furthermore, consumers should not suffer any losses if the regulatory bodies fail to supervise the insurers appropriately."@en1
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