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The consultation paper is based on the main findings of the OXERA report on insurance guarantee schemes which provides a detailed description and comparative analysis of the existing EU IGS for life and non-life insurance.
The report examines the need for, and role of, an IGS as a last resort protection mechanism, and the cost of establishing such a scheme. Based on the assessment of the current situation and the potential problems arising from the coexistence of different national approaches to IGS, the report also presents an evaluation of the options available to improve on the status quo, both at national and EU level. The report provides a good basis for an informed policy debate on IGS in the EU.
The consultation paper asks among other whether to introduce a single EU-wide IGS that covers all relevant policies written and purchased within the EU. It also poses a number of questions regarding cross-border problems in case that an IGS were to be implemented in all Member States, for example if subsidiaries should participate in and be covered by the IGS of the Member State in which the group supervisor is located under the group support regime under Solvency II. It also asks for the degree of harmonisation across Member States that would be required.
A public hearing will be held on 2 June.
Deadline for consultation is