Public consultation on the draft technical advice on minimum common standards for insurance guarantee schemes (IGS) in the EU

Interested stakeholders

Insurance policyholders across the European Union face differing levels of protection when insurers fail. This is explained by a patchwork of national schemes that vary widely in scope and coverage—as well as the absence of such schemes altogether in some countries. The resulting heterogeneity across member states has led to significantly different outcomes for policyholders after failures, particularly in cross-border cases.

EIOPA sets out its draft technical advice which addresses four main policy areas:

• general questions about the impact of minimum harmonized IGSs
• operational functioning of IGSs
• conditions for effective funding of IGSs and
• interaction between the IRRD and harmonized IGSs.