Local view for "http://purl.org/linkedpolitics/eu/plenary/2007-06-19-Speech-2-037"
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"en.20070619.5.2-037"2
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"Mr President, Commissioner, ladies and gentlemen, I should like, of course, first of all to welcome the excellent report prepared by Mrs Wallis, under the firm authority of Mrs McGuinness.
The investigations by the Committee of Inquiry on the crisis of the Equitable Life assurance society have brought to light the harmful consequences of incomplete implementation of European legislation, which was itself insufficiently precise. Policyholders must therefore be compensated for their losses, and procedural obstacles to their compensation must be removed.
I agree, therefore, with the report’s conclusions, whereby the British Government is enjoined to assume its responsibilities and devise an appropriate system for compensating the policyholders of Equitable Life in the United Kingdom and abroad.
This dismal affair must prompt us to improve insurance legislation so that the consumer retains confidence in insurance products and, more generally, in financial services. Parliament will be able to play its part in protecting investors during the debates on Solvency II. This directive, which will deal with the prudential rules applicable to the insurance sector, must, to this end, put in place early-warning systems for national regulators and for the European regulatory body for insurance.
In this kind of directive, Parliament, the Council and the Commission must, as the report recommends, make as little use as possible of the options of exception or derogation or even, if they can, refrain from using them altogether. For their part, the Member States must avoid imposing additional national requirements when transposing Community law and so avoid ending up with excess regulation.
The transposition of directives, in the field of insurance as in other fields, should also be better monitored. This means that the Commission must be proactive with regard to monitoring the quality and effectiveness of the transposed legislation. Furthermore, closer collaboration between the European Parliament and the national parliaments would be a real factor for progress in this respect."@en1
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