Skinner also said that EIOPA should standardize the process, mainly by issuing technical standards. The Commission wants and ex-ante fund and he believes that this is excessive for the insurance industry. Mandating an ex-ante fund for the insurance sector is unnecessary because insurance companies do not fail on mass and hardly fail at all. Moreover, there is diversity of national insurance guarantee schemes and mandating such a system will destroy national well- implemented systems.
The Commission expressed its intentions to propose a minimum harmonization regime for IGS. It also mentioned that 12 Member States in the EU already have a similar pre-funded system in place.
Next Steps:
· Consideration of draft report to be presented: 28 February 2011
· Deadline for amendments: 11 March 2011
· Vote in ECON Committee: 2 May 2011
· Vote in plenary: June 2011
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