Local view for "http://purl.org/linkedpolitics/eu/plenary/2001-02-14-Speech-3-322"
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"en.20010214.9.3-322"2
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".
Commissioner Nielson, thank you so much for taking over from your colleague Mr Bolkestein. As the proposal is rather complex, I will not ask you any difficult questions this evening, which is just as well, I think.
On 23 December 1986, the Commission presented the proposal concerning a directive on the winding-up and reorganisation of insurance undertakings to Parliament, and the proposal was adopted. Approval at first reading by Parliament followed on 14 March 1989. The directive was to spend the next eleven years on a shelf at the Council of Ministers. Two stumbling blocks were mainly to blame for this: in the first instance, the Gibraltar issue and the territorial implications this had, and secondly, the connection between Articles 10 and 11. The latter mainly concerned the connection between a guarantee fund for the policyholders and any preferential position they may have in bankruptcy legislation. The latter was touched upon very briefly at the most recent reading, but fortunately, we managed to knock this on the head during a committee discussion in Parliament. The second reading is now formally before Parliament.
This directive has the same goal as the proposal on the winding-up and reorganisation of credit institutions, namely the mutual recognition of legislation. This directive guarantees that insurance undertakings are wound up or reorganised according to the principles of unity and universality. This means that the insurance undertaking must be wound up in accordance with legislation applicable in the country where the insurance undertaking has its registered office by the competent authority in the same country; this is what is referred to as the unity principle.
This competent authority must then involve all branch offices and sub-offices in the European Union in the winding-up process, irrespective of where in the European Union these are based. This is the universality principle. The directive must ensure that creditors are treated equally. Irrespective of the country in which claims originate, the claims are always dealt with in the country of the registered office. That is why creditors all have the same rights, and are no longer at the mercy of the country in which the claim is generated.
In contrast to the second reading of the reorganisation and winding-up of credit institutions, this directive is more consistent and is structured in a logical manner, in my opinion. I would therefore recommend my fellow MEPs to adopt the Council’s common position without any amendments.
And on this Valentine’s Day, this seems a nice, unanimous position for the Council, the Commission and Parliament to hold."@en1
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