EC consults on insurance safety net schemes

The European Commission has opened a public consultation on last year’s Oxera study concerning insurance guarantee schemes to inform its decision on whether to mandate for schemes in all member states. At the time of the feasibility study, Oxera revealed a patchwork of safety net schemes for insurance with 13 member states having some form of scheme, although varying widely in scope, funding and coverage, but with the majority of EU countries operating without such a scheme in place to compensate policyholders in the event of an insurance company failure.