Verbatim report of proceedings

Wednesday, 22 April 2009 - Strasbourg

Credit Rating Agencies - Reporting and documentation requirements in the case of merger and divisions - Insurance and reinsurance (Solvency II) (recast) (debate)

  Andrea Losco (ALDE). – (IT) Madam President, ladies and gentlemen, it is right to criticise and to point out delays, but it is also right and opportune to say that today we are taking a step forward, and that in the face of this dreadful crisis, which has rocked the world’s economies, the European institutions are introducing specific legislative measures in key sectors such as rating agencies and insurance.

I believe, at least from what I have followed closely, that the directive on the taking-up and pursuit of the business of insurance and reinsurance is highly significant. The agreement reached in extremis with the Council has in essence given these sectors new, more efficient rules, which take account of the dynamics of the real market, outside set formulae.

The principles of economic assessment and capital requirements, corresponding to the risks actually taken by companies, as well as risk management incentives, harmonisation, report supervision, public information and transparency are all essential aspects to making the insurance sector more competitive and strengthening protection for the insured.

The final compromise enabled reasonable solutions to be found to the problems of the possible pro-cyclical effects of the new rules and of the rules on the handling of investments. We could have done more, of course, but I believe we have reached a point from which we can take further steps forward.