EIOPA's advice on minimum common standards for insurance guarantee schemes (IGS) in the EU
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EIOPA's technical advice document, with annex, responding to the Commission's request on minimum common standards for insurance guarantee schemes. It identifies where common rules are needed and where national flexibility should be preserved, as input to the Commission report required under the IRRD.
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
The full technical advice from EIOPA, the EU watchdog for insurers and pension plans, on insurance guarantee schemes, which protect policyholders if their insurer fails. It sets out where Europe needs common rules (coverage, payout deadlines, funding) and where each country should keep its own say. The Commission will use it for a law proposal.
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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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