BETA


2005/2668(RSO) Decision on setting up a Committee of Inquiry into the crisis of the Equitable Life Assurance Society

Progress: Procedure completed

Legal Basis:
RoP 208-p1

Events

2006/07/07
   Final act published in Official Journal
2006/02/09
   EC - Commission response to text adopted in plenary
Documents
2006/01/18
   EP - Results of vote in Parliament
2006/01/18
   EP - Decision by Parliament
Details

The European Parliament adopted a resolution deciding to set up a Committee of Inquiry composed of 22 Members of the European Parliament, to investigate alleged contraventions or maladministration in the application of Community law in relation to the collapse of Equitable Life, without prejudice to the jurisdiction of national or Community courts.

The Committee of Inquiry shall:

- investigate alleged contraventions or maladministration in the application of Directive 92/96/EEC, now codified by Directive 2002/83/EC, by the United Kingdom's competent authorities in relation to Equitable Life, notably as regards the regulatory regime and the monitoring of the financial health of insurance undertakings, including their state of solvency, the establishment of adequate technical provisions and the covering of those provisions by matching assets;

- investigate alleged contraventions or maladministration in the application of Directive 92/96/EEC, by the United Kingdom's competent authorities in relation to Equitable Life, notably as regards the matters listed above;

- assess whether the Commission has properly fulfilled its duty to monitor the correct and timely transposition of Community law and identify whether systematic weaknesses contributed to the situation that has arisen;

- assess allegations that the UK regulators consistently failed, over a number of years, and at least since 1989, to protect policy holders by exercising rigorous supervision of accounting and provisioning practices and the financial situation of Equitable Life;

- assess the status of claims by non-UK European citizens and the adequacy of remedies available under UK and/or EU legislation for policy-holders from other Member States;

- make any proposals that it deems necessary in this matter.

The Committee of Inquiry will present an interim report to Parliament within 4 months of starting its work, with a view to presenting its final report to Parliament within 12 months.

Documents
2006/01/18
   EP - End of procedure in Parliament
2006/01/16
   EP - Motion for a resolution
Documents

Documents

Activities

History

(these mark the time of scraping, not the official date of the change)

events/3/docs/1/url
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events/1
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2006-01-18T00:00:00
type
Decision by Parliament
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-6-2006-0011_EN.html title: T6-0011/2006
summary
events/1
date
2006-01-18T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/TA-6-2006-0011_EN.html title: T6-0011/2006
summary
events/3/docs/1/url
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Rules of Procedure EP 208-p1
procedure/legal_basis/0
Rules of Procedure EP 198-p1
docs/0/docs/0/url
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http://www.europarl.europa.eu/doceo/document/TA-6-2006-0011_EN.html
events/3/docs/1/url
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https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:186:SOM:EN:HTML
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https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:186:TOC
activities
  • date: 2006-01-18T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=11439&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-11 type: Decision by Parliament, 1st reading/single reading title: T6-0011/2006 body: EP type: Results of vote in Parliament
  • date: 2006-07-07T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006D0469 title: Decision 2006/469 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:186:TOC title: OJ L 186 07.07.2006, p. 0058-0059 type: Final act published in Official Journal
committees
    docs
    • date: 2006-01-16T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=MOTION&reference=B6-2006-50&language=EN title: B6-0050/2006 type: Motion for a resolution body: EP
    • date: 2006-02-09T00:00:00 docs: url: /oeil/spdoc.do?i=11439&j=0&l=en title: SP(2006)0584 type: Commission response to text adopted in plenary
    events
    • date: 2006-01-18T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=11439&l=en title: Results of vote in Parliament
    • date: 2006-01-18T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-11 title: T6-0011/2006 summary: The European Parliament adopted a resolution deciding to set up a Committee of Inquiry composed of 22 Members of the European Parliament, to investigate alleged contraventions or maladministration in the application of Community law in relation to the collapse of Equitable Life, without prejudice to the jurisdiction of national or Community courts. The Committee of Inquiry shall: - investigate alleged contraventions or maladministration in the application of Directive 92/96/EEC, now codified by Directive 2002/83/EC, by the United Kingdom's competent authorities in relation to Equitable Life, notably as regards the regulatory regime and the monitoring of the financial health of insurance undertakings, including their state of solvency, the establishment of adequate technical provisions and the covering of those provisions by matching assets; - investigate alleged contraventions or maladministration in the application of Directive 92/96/EEC, by the United Kingdom's competent authorities in relation to Equitable Life, notably as regards the matters listed above; - assess whether the Commission has properly fulfilled its duty to monitor the correct and timely transposition of Community law and identify whether systematic weaknesses contributed to the situation that has arisen; - assess allegations that the UK regulators consistently failed, over a number of years, and at least since 1989, to protect policy holders by exercising rigorous supervision of accounting and provisioning practices and the financial situation of Equitable Life; - assess the status of claims by non-UK European citizens and the adequacy of remedies available under UK and/or EU legislation for policy-holders from other Member States; - make any proposals that it deems necessary in this matter. The Committee of Inquiry will present an interim report to Parliament within 4 months of starting its work, with a view to presenting its final report to Parliament within 12 months.
    • date: 2006-01-18T00:00:00 type: End of procedure in Parliament body: EP
    • date: 2006-07-07T00:00:00 type: Final act published in Official Journal docs: title: Decision 2006/469 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006D0469 title: OJ L 186 07.07.2006, p. 0058-0059 url: https://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:186:SOM:EN:HTML
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      procedure/legal_basis/0
      Rules of Procedure EP 198-p1
      procedure/legal_basis/0
      Rules of Procedure of the European Parliament EP 198-p1
      procedure/subject
      Old
      • 2.50.05 Insurance, pension funds
      • 4.60.06 Consumers' economic and legal interests
      • 8.40.01.06 Committees, interparliamentary delegations
      New
      2.50.05
      Insurance, pension funds
      4.60.06
      Consumers' economic and legal interests
      8.40.01.06
      Committees, interparliamentary delegations
      procedure/title
      Old
      European Parliament: setting up a Committee of Inquiry into the collapse of the Equitable Life Assurance Society
      New
      Decision on setting up a Committee of Inquiry into the crisis of the Equitable Life Assurance Society
      activities/1/docs/1/url
      Old
      http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:186:SOM:EN:HTML
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      http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2006:186:TOC
      activities
      • date: 2006-01-18T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=11439&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P6-TA-2006-11 type: Decision by Parliament, 1st reading/single reading title: T6-0011/2006 body: EP type: Results of vote in Parliament
      • date: 2006-07-07T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32006D0469 title: Decision 2006/469 url: http://eur-lex.europa.eu/JOHtml.do?uri=OJ:L:2006:186:SOM:EN:HTML title: OJ L 186 07.07.2006, p. 0058-0059 type: Final act published in Official Journal
      committees
        links
        other
          procedure
          reference
          2005/2668(RSO)
          title
          European Parliament: setting up a Committee of Inquiry into the collapse of the Equitable Life Assurance Society
          legal_basis
          Rules of Procedure of the European Parliament EP 198-p1
          stage_reached
          Procedure completed
          subtype
          Parliament organisation
          type
          RSO - Internal organisation decisions
          final
          subject