Local view for "http://purl.org/linkedpolitics/eu/plenary/2005-06-06-Speech-1-127"
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"en.20050606.16.1-127"2
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".
Mr President, ladies and gentlemen, it is a good day for the European Union, for policyholders, and for insurance undertakings as well, because today’s debate and tomorrow’s vote – which I assume will be unanimous – will dismantle the much-criticised bureaucratic obstacles and make European reinsurance more competitive on international markets.
Supervision of direct insurers is regulated across Europe in a number of directives: the European Union has already enacted extensive and necessary instruments for the protection of policyholders with the loss insurance and life assurance directives and the solvency rules for insurance companies. These will now be complemented by the harmonised supervision of reinsurance. The directive on which the Committee on Economic and Monetary Affairs reports is therefore an important addition to supervision in this important service industry.
The reinsurance directive, which is now successfully on its way after more than three years’ preparatory work, draws to a large extent on the systems of supervision that are already in place for direct insurance. As has already been pointed out, important differences between direct and reinsurance were also identified in close cooperation with the Council, the competent authorities of the Member States and reinsurance industry representatives and are taken into account in the draft directive. It includes in particular a uniform treatment of life and non-life reinsurance so far as solvency margins are concerned, an arrangement based on the prudent person approach for capital investments and a clear time limit of 36 months from the entry into force of the directive for the collaterals the supervisory authorities still require in the individual Member States.
As has also already been mentioned, the harmonisation and liberalisation the directive seeks to introduce will further strengthen the competitive position of European reinsurance and Europe as a whole as a financial centre. At the same time, the administrative hurdles within the Community will be dismantled. When the directive is implemented, the tortuous national licensing systems within the EU will disappear. The home country’s supervisory authority will provide such supervision as is necessary. A reinsurer’s authorisation will then apply for the whole of the European Union. Next year or the year after will probably see an extensive rewriting of the rules for the whole insurance industry as a result either of motions to that effect or ‘Solvency 2’. An amendment that I originally moved has ensured that this reinsurance directive does not anticipate the political debate on ‘Solvency 2’.
I would like to extend warm thanks to the rapporteur, Mr Skinner, for his close cooperation; we all hope that the next time such an important resource is debated there will be more time in the committees and longer to prepare."@en1
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