| Author (Corporate) | European Commission: DG Internal Market and Services |
|---|---|
| Publisher | EC |
| Publication Date | 2013 |
| Content Type | Key Source |
|
Insurance Guarantee Schemes (IGS) provide last-resort protection to consumers when insurance companies are unable to fulfil their contractual commitments. They protect people against the risk that claims will not be met if their insurer becomes insolvent. Only a few EU countries have insurance guarantee schemes in place, although there are specific EU directives for the banking and securities sectors: EU directive 94/19/EC (deposit-guarantee schemes) To address the regulatory loopholes and inconsistencies in the EU, the Commission has carried out a thorough review (in 2009) of the adequacy of existing insurance guarantee schemes in order to make appropriate legislative proposals. |
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| Source Link | Link to Main Source http://ec.europa.eu/internal_market/insurance/consumer/guarantee_schemes/index_en.htm |
| Subject Categories | Business and Industry |
| Countries / Regions | Europe |
