Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-154-625"
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"en.20111013.19.4-154-625"2
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"I voted in favour of this resolution because a consistent and harmonised framework of rules on insurance guarantees must function at European Union level, abolishing different regimes across the Member States. It should be pointed out that an insurance guarantee scheme is an effective measure which reduces the risks facing policyholders, and guarantees varying degrees of consumer protection and effective cross-border competition. Consequently, it is very important to ensure that European rules provide for a high and appropriate level of protection. Given the fact that many consumers lose some or all of their assets and find themselves in poverty due to the failure of insurance companies, I believe that it is appropriate to consolidate the ‘home’ country principle, under which the burden of responsibility for failure should be borne by the ‘home’ IGS. Only then will people be protected against the risk that claims will not be met if their insurance company becomes insolvent. It should be noted that this principle, as a last-resort consumer protection measure, must only be applied in exceptional cases when insurance undertakings are unable to fulfil their contractual commitments owing to insolvency and when other regulatory instruments have been exhausted."@en1
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