EIOPA publishes Report on the Role of Insurance Guarantee Schemes in the Winding-Up Procedures of Insolvent Undertakings

The European Insurance and Occupational Pensions Authority (EIOPA) has
published its Report on the Role of Insurance Guarantee Schemes in the
Winding-Up Procedures of Insolvent Undertakings in the EU/EEA today.

The aim of the report is to summarize the results of a survey on the role
of IGSs in the winding-up procedures of insolvent undertakings across the
EU/EEA in which 24 members participated.

Findings from this report highlight the lack of harmonization in areas such
as:


- Which authority takes a decision to intervene in case an insurance
undertaking becomes insolvent;
- The ability to provide for portfolio transfer;
- A lack of pre-warning systems when an insurance undertaking experiences
difficulties;
- The role of the supervisory authority when an insurance undertaking
becomes insolvent.

The findings also highlight that policyholders can be at risk of
inconsistent treatment across Member States and little or no insurance
cover due to the lack of a harmonized approach to IGSs across the EU/EEA.

The text of this report can be viewed on the EIOPA website
(Link:
https://eiopa.europa.eu/fileadmin/tx_dam/files/publications/reports/Report_on_the_Role_of_Insurance_Guarantee_Schemes_in_the_Winding-Up_Procedures_of_Insolvent_Undertakings_in_the_EU-EEA.pdf
).


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