Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-07-03-Speech-2-248-875"
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"en.20120703.18.2-248-875"2
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"The share crisis of 2001 to 2003 gave a boost to so-called risk-free capital investments, in other words, government bonds. The interest rate on government bonds was used to assess whether or not an insurance company had sufficient funds to meet its liabilities to its customers. In the recession which followed, when the interest on 10-year federal bonds could no longer compensate and the value of liabilities went through the roof, because they were being offset against bonds with a very low interest rate, various attempts were made to rectify the system. The Commission is now concerned that the current crisis, together with the new solvency rules, could prevent the insurance industry from acting as a long-term investor and guarantor. Therefore, it wants the old regulations from Solvency I to continue to apply to existing insurance contracts (after eight years of negotiations on new rules for capital adequacy and the regulation of the industry, which are referred to as Solvency II). As some questions have not yet been fully answered in this area, for example, whether the old rules will turn the insurance companies into investors again, I have abstained from voting."@en1
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