Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-10-13-Speech-4-154-968"
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"en.20111013.19.4-154-968"2
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"Insurance guarantee schemes (IGSs) are a valuable tool for reducing the risks facing policyholders in the event of the insolvency of an insurance company. The European Parliament has repeatedly demonstrated its support for consideration of an EU-level approach, and in adopting today’s proposal welcomes the proposals put forward by the Commission in its White Paper on Insurance Guarantee Schemes. The lack of harmonised consumer protection rules at European level, in favour of rules based on the ‘host country’ approach, does have its merits. However, it results in duplication of costs for pan-European insurers having to participate in multiple national schemes. To ensure consumer confidence both in the insurance sector and in the single market in insurance services, a consistent level of protection for consumers of all types of insurance products must be guaranteed. In this document, Parliament emphasises that new European legislation should not result in a reduction in consumer protection. European citizens should be confident that all types of insurance products that they buy are covered by an IGS, and that this IGS will guarantee that they receive 100% compensation within a set period of time which is the same across the EU."@en1
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