EU Floats Plan For Common National Insurance Guarantees

Law360, London (July 12, 2019, 4:55 PM BST) -- Europe’s top insurance watchdog set out plans on Friday to introduce common rules across the bloc for national schemes to compensate policyholders in member states if their insurer goes bust and cannot pay out on claims.

The European Insurance and Occupational Pensions Authority said it wants to harmonize the way in which insurance guarantee programs in EU member states are working. The schemes protect customers if their failing insurer cannot fulfill its contractual obligations.

Not every member state has a scheme. And those jurisdictions that do offer compensation differ in geographical reach, eligible claimants and funding, the pensions authority said. This...

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