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Insurance guarantee schemes

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:

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.

Review of insurance guarantee schemes in the EU

Study on insurance guarantee schemes in the EU

The Oxera study - final reportpdf(2 MB) Choose translations of the previous link  was a comparative analysis of existing schemes, analysis of problems and evaluation of options (both life and non-life insurance, but excluding motor insurance)