4 Amendments of Alfredo PALLONE related to 2011/2010(INI)
Amendment 17 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission, once Solvency II becomes fully operational, to come forward with proposals for a minimum harmonisation directive establishing a coherent and consistent cross-border framework for insurance guarantee schemes (IGS) across Member States providing exclusively last resort protection to consumers when insurance undertakings are unable to fulfil their contractual commitments owing to their insolvency;
Amendment 27 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Supports the adoption of the ‘home’ country principle – whereby alllife insurance policies written by an insurer, regardless of location of sale, are covered by the ‘home’ IGS – recognising both that: A) under Solvency II the cross-border provision of insurance services will increase; and, B) the failure of an insurer will be linked to the inadequacy of supervision by the ‘home’ supervisor, and thus the burden of responsibility for failure should be borne by the ‘home’ IGS ;
Amendment 40 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Stresses that the ‘home’ country approach to IGS can only be credible from a consumer perspective if there is consistency of consumer experience; calls on the Commission to requirepart of their national supervisor and a single own-language process and point of contact for consumers within their national supervisor for all insurance guarantefor life insurance claims regardless of the location of the ‘home’ IGS; recommends that EIOPA develop a harmonised approach for both IGS functions (portfolio transfer and policyholder compensation claims) on the basis of simplicity and best practice, if necessary through binding technical standards;
Amendment 56 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists that new EU legislation should not result in the dilution of protection offered by existing IGS in Member States, and that consumers should not face any losses as a result of regulatory failure to adequately supervise insurers or intermediarlife insurance companies; calls consequently on the Commission to ensure that a European framework for IGS compensates policyholproviders for losses in full and without exception for all types of insurance productcontinuity in life insurance contracts or compensates life insurance policyholders for losses in the event of insurer bankruptcy, insurer or intermediary mis- selling, or fraud, within a set period of time, consistent throughout Member States;