Insurance EuropeInsurance Europe
Position Paper
Response to EIOPA consultation on IGS

This is Insurance Europe's response to EIOPA's consultation on its proposals for the Solvency II 2020 review on harmonisation of national insurance guarantee schemes.

Insurance Europe said it opposes an EU initiative on insurance guarantee schemes (IGS). IGS at member state level currently vary significantly across Europe, but generally work well within their local context and laws. Insurance Europe warned that even a minimum level of harmonisation would create significant costs and involve complex challenges for which there may not be acceptable solutions.

The priority for policymakers should instead be to ensure that Solvency II is applied appropriately in all member states and that there is coordinated supervision of insurers working cross border under the principles of Freedom of Services (FoS) and Freedom of Establishment (FoE).

Published 22 October 2019
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