IGS
The European Commission believes that the lack of Community harmonisation in the area of insurance guarantee schemes (IGS) could affect the protection of policyholders should an insurance undertaking become insolvent. The Commission has therefore spent the last four years analysing and examining together with the Member States and the industry, whether harmonisation is possible in some areas of IGS.
In July 2010, the European Commission published a White Paper on IGS. In this Paper, the Commission set out different options for EU action on IGS protection for policyholders and beneficiaries. In particular, it proposed introducing a Directive to ensure that insurance guarantee schemes exist in all Member States and comply with a minimum set of requirements. This White Paper did not cover the failure of insurance intermediaries.
The European Commission is expected to issue its draft Directive on IGS in 2012.
BIPAR response to the European Commission’s consultation on the White Paper ►
White Paper : English - French
