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Parliamentary questions
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25 August 2016
E-006317-16
Question for written answer E-006317-16
to the Commission
Rule 130
Deirdre Clune (PPE)

 Subject:  Enterprise Insurance
 Answer in writing 

Enterprise Insurance, a Gibraltar-based insurer providing services in Ireland within the single market, collapsed in July 2016 with outstanding debts.

In March 2016 I wrote to the Commission in light of the collapse of Setanta Insurance, which was operating under similar conditions and rules to Enterprise. The Commission's response was that:

‘The Commission is not responsible for supervision of insurance companies and cannot comment on the specific situation of Setanta. However, on a general note, the Commission observes that a new regulatory framework for insurance companies, “Solvency II”, will apply as of 1 January 2016. The new rules strengthen the powers available to competent authorities and are intended to ensure that insurance companies will be stronger and more resistant. For example, the new rules allow supervisors to intervene promptly in case of capital short-falls, focus on insurers' internal governance arrangements, risk evaluation and management processes and enhance the role of colleges of supervisors, making sure that information is shared between relevant authorities in case of cross-border activities’.

Given that another company has now failed, with the potential for Irish consumers to be responsible for the debts of this business, can the Commission please outline how the situation described in the answer above protects European consumers?

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