EIOPA publishes its technical advice on minimum common standards for insurance guarantee schemes across the EU
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EIOPA submits to the European Commission its technical advice for targeted harmonisation of insurance guarantee schemes, today a national patchwork that leaves policyholders with very different protection if their insurer fails. It proposes minimum common standards on coverage, triggers, payout deadlines and funding, with room for national specificities.
Key points
- Harmonised coverage of the life and non-life products that would cause most hardship in a failure
- Common activation triggers, a common claims window and a maximum payout period
- Minimum liquidity requirements and the same insolvency ranking as insurance claims
- Mandatory formal cooperation between resolution authorities and guarantee schemes
Who is affected
Insurers, policyholders, national guarantee schemes and resolution authorities
Deadlines
Preliminary step before the Commission's legislative proposal (IRRD Article 98)
Plain-language version
Today, if your insurer goes bust, the protection you get depends heavily on your country, because each has its own insurance guarantee scheme. EIOPA, the EU watchdog for insurers and pension plans, is proposing common minimum rules to the European Commission: which policies are covered, when the guarantee kicks in and how quickly people are paid.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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