1 Amendments of Sharon BOWLES related to 2011/2010(INI)
Amendment 53 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Insists that new EU legislation sRecommends that a European framework for IGS compensates policy hould not result in the dilution of protection offered by existing IGS in Member States, and that consumers should not face any losses as a result of regulatory failure to adequately supervise insurers or intermediaries; calls consequently on the Commission to ensure that a European framework for IGS compensates policyholders for losses in full and without exception for all types of insurance products in the event of insurer bankruptcy, insurer or intermediary mis- selling, or fraud, within a set period of time, consistent throughout Member Statesers of compulsory insurance in full and compensates 90% of the benefits under life insurance and non compulsory general insurance contracts; believes that 100% coverage for all types of insurance would give policy holders an incentive to buy protection from the cheapest and most aggressive companies in the market without giving due consideration to the soundness and sustainability of those companies business model; notes that there are substantial differences between regulatory failure and fraud, and that in the case of bankruptcy, portfolio transfer and continuity are more appropriate when available than compensation;