Review of 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.

There are specific EU directives for the banking sector and securities sector sector but only a few EU countries have their own IGS in place.

To address the regulatory loopholes and inconsistencies in the EU, the Commission has reviewed the adequacy of existing IGS in order to inform its proposals for new laws.

The 2010 EU policy paper on IGS proposes introducing a directive to ensure

  • that IGS exist in all EU countries
  • that they comply with certain minimum features


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