Keynote speech at the International Forum of Insurance Guarantee Schemes (IFIGS)
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Speech by the EIOPA Chair at the International Forum of Insurance Guarantee Schemes (IFIGS) in defence of insurance guarantee schemes (IGS). It argues that, despite Solvency II and the Insurance Recovery and Resolution Directive (IRRD), insurers still fail and policyholders need a common minimum protection net in Europe.
Key points
- According to the Global Failed Insurer Catalogue, almost 50 insurers fail on average each year worldwide (around 1,300 since 2000 in 98 countries); Europe accounts for around a fifth.
- During the first term of office, the EIOPA Chair saw 7 cross-border failures in Europe.
- Recurring causes in Europe: weak governance and internal control, and risks related to the competence of management and staff.
- The IRRD will strengthen the framework from January 2027, but it does not eliminate failures.
- EIOPA reiterates its proposal for a network of national schemes with common minimum standards and adequate funding, not a single European fund.
Who is affected
Insurers, national insurance guarantee schemes, EU legislators and policyholders with cross-border contracts.
Deadlines
IRRD applicable from January 2027.
Plain-language version
EIOPA, the EU watchdog for insurers and pension plans, made the case for insurance guarantee schemes, which protect customers if their insurer goes bust. Almost 50 insurers fail every year worldwide, about a fifth of them in Europe. EIOPA is not asking for a single EU fund, but for a network of national funds with common minimum rules.
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