We reported on 15 January 2008 on the publication of a study on Insurance Guarantee Schemes (IGS) commissioned by the European Commission (the Commission) (click here).
On 7 May the Commission published a consultation paper on the same subject (click here). The report asks nine questions in order to ascertain respondents’ views in relation to the possible implementation of a Europe-wide IGS. The questions focus on whether respondents are in favour of keeping the status quo (ie each member state decides whether or not to implement an IGS), implementing an EU wide centralised IGS, or requiring each member state to implement its own IGS.
The question involves balancing the increased consumer protection and market stability which would be provided by a harmonised system of IGSs across Europe, against the costs of such schemes.
Responses to the consultation paper are to be sent to the Commission by 7 July 2008. In addition to accepting written responses, the Commission will be holding a public hearing on the subject in Brussels on 2 June 2008. We will report any further developments here on the blog.
