AMICE: European Commission takes mutuals seriously

16 November 2012

AMICE welcomes the Commission's recently published "Study on the current situation and prospects of mutuals in Europe” which provides an extensive overview of the role that mutuals play in Europe, and of challenges and barriers that mutuals face in their operations.

The study clearly emphasises the particular value of mutuals in the light of European economic instability and the financial crisis. Their characteristic features, namely sustainability, solidity, solidarity, democratic governance and social responsibility, contribute significantly to stability and play a crucial role in providing security to citizens. At the same time, it reflects the richness and variety of the legal frameworks applicable to mutuals in their respective jurisdictions. This provides adaptability and flexibility which is one of the strengths of the mutual business model, for example in the relations of the mutual with its member clients.

The study identifies four main barriers to a prosperous development of mutuals in the common market:

• mutuals are not allowed in all EU Member States;
• the high capital requirements to start up a mutual;
• the lack of possibilities to form groupings of mutuals; and
• as the most encompassing and fundamental barrier, the general lack of understanding and knowledge about mutuals.

The recommendations in the study are addressed to different parties:

• to the mutuals themselves;
• to national regulators and legislators; and
• to the European Commission, on whose behalf the study was compiled, and the other European institutions.

The European Commission has announced that as a next step, a public consultation will be held on the recommendations of the study and on possible follow-up actions. AMICE will remain involved and provide further comments on behalf of its membership on this occasion.

Press release

Full study

© AMICE - Association of Mutual Insurers and Insurance Cooperatives in Europe