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This briefing, prepared for a scrutiny session of the ECON Committee, provides background on the International Financial Reporting Standard (IFRS) 17 Insurance Contracts which will have a major impact on the accounting of insurance companies. IFRS 17 was issued by the IASB in 2017; the Parliament adopted a resolution on 3 October 2018. As some remaining issues were raised at EU level, the IASB has issued amendments to IFRS 17 on 25 June 2020. The next step for endorsement was the EFRAG's consultation ...

Insgesamt liefert die Folgenabschätzung offenbar eine gründliche Analyse der derzeit auftretenden Probleme. In der Folgenabschätzung werden die wahrscheinlich auftretenden Kosten und der Nutzen der vorgeschlagenen Optionen aufgeführt, die in vier Paketen zusammengefasst werden. Die Kommission macht deutlich, dass, wenn möglich, quantitative Schätzungen der Folgen der Reduzierung des Verwaltungsaufwands bzw. der rechtlichen Hindernisse vorgelegt wurden. Allerdings wird betont, dass es trotzdem noch ...

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular as regards the discussion of 25 January 2017 on the implementing measures under the Insurance Distribution Directive (EU) 2016/97.

Das Europäische Parlament (EP), der Rat und die Kommission haben eine Einigung über die überarbeitete Versicherungsvertriebsrichtlinie (VVR) erzielt. Über den Kompromisstext soll vom EP auf der Plenartagung im November 2015 abgestimmt werden, die neuen Regelungen würden zwei Jahre nach der Annahme Anwendung finden. Ziel der VVR ist es, einer weiteren Fragmentierung des EU-Markts für Versicherungsvermittler und -produkte einen Riegel vorzuschieben. Sie wird Bedingungen für einen fairen Wettbewerb ...

The EU Directive applicable to life insurance sets out what kind of information insurance companies must give to policyholders. It also allows Member States to impose broader information duties, provided that the information is necessary for the policyholder to understand the contract. In its ruling of 29 April 2015, the EU Court of Justice allowed Member States to use open-ended standards to impose information duties, provided that sufficient legal certainty is guaranteed.

European consumers are protected against unfair terms in consumer contracts, including insurance contracts. However, this protection does not extend to terms setting out the essential elements of a contract, such as the extent of the risk covered and the amount of the insurance premium. Nevertheless, if the term under scrutiny is not drafted in 'plain, intelligible language', a court may proceed to evaluate its fairness. The Court of Justice of the EU clarified the concept of 'plain, intel-ligible ...

This study investigates whether private insurance contracts can be a substitute to investment compensation schemes (ICS). Starting by describing the scope of events (fraud, administrative malpractice, operational error and bad advice) which are covered by ICS, the study continues to analyse whether existing insurance products offer cover for this. Then the authors analyse the economic advantages and disadvantages, costs and legal challenges of partially and/or fully substituting ICS with private ...

On the basis of a comparative list of laws, this study explores whether it is possible and necessary to create a European civil code, and the European Union’s powers in this area. It also considers discrimination on grounds of nationality which may still be found in the EU Member States’ codes of private law and civil proceedings. The comparative list summarises the main differences and similarities between the national procedural and patrimony laws which currently apply in the EU. The study concludes ...